{"id":466038,"date":"2021-06-22T19:05:35","date_gmt":"2021-06-22T19:05:35","guid":{"rendered":"https:\/\/uniquehot.com\/?p=466038"},"modified":"2024-06-11T10:07:59","modified_gmt":"2024-06-11T10:07:59","slug":"bitcoin-inflows-reach-black-thursday","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-inflows-reach-black-thursday\/","title":{"rendered":"Bitcoin Spot Inflows Reach Highest Point Since Black Thursday"},"content":{"rendered":"<p><a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-price-breaks-below-30000\/\">Bitcoin has rebounded from the higher area of the $20,000 price zone<\/a>. At the time of writing, BTC trades at $32,475 with rising volatility in the past few days.<\/p>\n<figure id=\"attachment_466074\" aria-describedby=\"caption-attachment-466074\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-466074 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/06\/Bitcoin-BTC-BTCUSD-20.png?resize=860%2C512\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"512\"><figcaption id=\"caption-attachment-466074\" class=\"wp-caption-text\">BTC bounces to previous support in the daily chart. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n<p>The bulls have had a hard time during May and June, as the bears took over the price action with an increase in selling pressure across all exchange platforms.<\/p>\n<p>As Bitcoin moved into critical support at $29,000, CryptoQuant recorded a rise in BTC inflows to exchange. As the image below shows, the last time this much BTC entered exchanges was in March 2020, when BTC\u2019s price fell just below $4,000, on the <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/blast-from-the-past-bitcoin-following-black-thursday-supercycle\/\">\u201cBlack Thursday\u201d.<\/a><\/p>\n<figure id=\"attachment_466075\" aria-describedby=\"caption-attachment-466075\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-466075 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/06\/photo_2021-06-22_13-25-32.jpg?resize=860%2C422\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"422\"><figcaption id=\"caption-attachment-466075\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p>In addition, CryptoQuant recorded a 7-day moving average of spot exchange net flows turning positive. The last time this metric was at similar levels, <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-price-breaks-below-30000\/\">Bitcoin experience distribution in the $50,000 range.<\/a><\/p>\n<figure id=\"attachment_466076\" aria-describedby=\"caption-attachment-466076\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-466076 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/06\/photo_2021-06-22_13-25-33.jpg?resize=860%2C419\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"419\"><figcaption id=\"caption-attachment-466076\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p>Many traders have been questioning the validity of the amount of <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-btc-eyes-recovery-35k\/\">BTC inflows to exchange as a relevant metric to predict a course in the price action.<\/a> Some believe Whales can easily manipulate the market by sending BTC to these platforms and benefit from the fear experienced by investors.<\/p>\n<p>However, CryptoQuant CEO Ki-Young Ju <a href=\"https:\/\/twitter.com\/ki_young_ju\/status\/44277255?s=20\" target=\"_blank\" rel=\"noopener nofollow\">believes<\/a> this type of &#8220;psyops is almost impossible\u201d. The platform uses a mechanism to measures exchange flows data by the number of transactions. Thus, they calculate their data by looking at aggregated flows and not a single transaction.<\/p>\n<blockquote><p>This is why we need to see aggregated flows rather than a single transaction like Whale Alert. Each transaction can be easily manipulated by whales. To ruin our data, whales need to send over 10K+ BTC, but most of the large TXs are internal transfers from exchanges.<\/p><\/blockquote>\n<p>The only way for this data to be inaccurate, Young Ju added, is for Whales to coordinate their transactions. In that way, exchanges will receive tens of thousands of BTC inflows, and \u201cthe data will be ruined\u201d. Young Ju added:<\/p>\n<blockquote><p>(\u2026) but it hasn&#8217;t happened yet. It&#8217;s very expensive and dangerous for security reasons, so I think whales can&#8217;t do this orchestrated effort<\/p><\/blockquote>\n<h2>Bitcoin Bear Market Confirmed?<\/h2>\n<p>In a separate tweet, CryptoQuant CEO claimed that Bitcoin has \u201cconfirmed\u201d a bear market trend. He based his statement on the high amount of BTC inflows to exchange, as shown in the platform\u2019s Whale Capitulation Index.<\/p>\n<figure id=\"attachment_466078\" aria-describedby=\"caption-attachment-466078\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-466078 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/06\/BTC-BTCUSD-2.jpg?resize=860%2C516\" alt=\"BTC BTCUSD\" width=\"860\" height=\"516\"><figcaption id=\"caption-attachment-466078\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p>Whenever whales have begun to sell BTC in these amounts, the price tends to the downside, CryptoQuant\u2019s chart suggests. However, Young Ju said that investors shouldn\u2019t rely on a single indicator to predict the price action.<\/p>\n<p>Young Ju received some critics for this statement. Economist and crypto analyst Micha\u00ebl van de Poppe replied the following to this claim: \u201cI see 0 correlation\u201d between a bear market and BTC exchange inflows. Later, the executive clarified:<\/p>\n<blockquote><p>To be clear, I expect my $BTC bearish bias won&#8217;t last long (maybe just a few weeks) because the market looks good in terms of supply\/demand in the long term (e.g., Stablecoins ratio(USD) and SSR). So don&#8217;t get me wrong, I&#8217;m not saying it&#8217;s over.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has rebounded from the higher area of the $20,000 price zone. At the time of writing, BTC trades at $32,475 with rising volatility in the past few days. The bulls have had a hard time during May and June, as the bears took over the price action with an increase in selling pressure across all exchange platforms. As Bitcoin moved into critical support at $29,000, CryptoQuant recorded a rise in BTC inflows to exchange. As the image below shows, the last time this much BTC entered exchanges was in March 2020, when BTC\u2019s price fell just below $4,000, on the \u201cBlack Thursday\u201d. In addition, CryptoQuant recorded a 7-day moving average of spot exchange net flows turning positive. The last time this metric was at similar levels, Bitcoin experience distribution in the $50,000 range. Many traders have been questioning the validity of the amount of BTC inflows to exchange as a relevant metric to predict a course in the price action. Some believe Whales can easily manipulate the market by sending BTC to these platforms and benefit from the fear experienced by investors. However, CryptoQuant CEO Ki-Young Ju believes this type of &#8220;psyops is almost impossible\u201d. The platform uses a mechanism to measures exchange flows data by the number of transactions. Thus, they calculate their data by looking at aggregated flows and not a single transaction. This is why we need to see aggregated flows rather than a single transaction like Whale Alert. Each transaction can be easily manipulated by whales. To ruin our data, whales need to send over 10K+ BTC, but most of the large TXs are internal transfers from exchanges. The only way for this data to be inaccurate, Young Ju added, is for Whales to coordinate their transactions. In that way, exchanges will receive tens of thousands of BTC inflows, and \u201cthe data will be ruined\u201d. Young Ju added: (\u2026) but it hasn&#8217;t happened yet. It&#8217;s very expensive and dangerous for security reasons, so I think whales can&#8217;t do this orchestrated effort Bitcoin Bear Market Confirmed? In a separate tweet, CryptoQuant CEO claimed that Bitcoin has \u201cconfirmed\u201d a bear market trend. He based his statement on the high amount of BTC inflows to exchange, as shown in the platform\u2019s Whale Capitulation Index. Whenever whales have begun to sell BTC in these amounts, the price tends to the downside, CryptoQuant\u2019s chart suggests. However, Young Ju said that investors shouldn\u2019t rely on a single indicator to predict the price action. Young Ju received some critics for this statement. Economist and crypto analyst Micha\u00ebl van de Poppe replied the following to this claim: \u201cI see 0 correlation\u201d between a bear market and BTC exchange inflows. Later, the executive clarified: To be clear, I expect my $BTC bearish bias won&#8217;t last long (maybe just a few weeks) because the market looks good in terms of supply\/demand in the long term (e.g., Stablecoins ratio(USD) and SSR). So don&#8217;t get me wrong, I&#8217;m not saying it&#8217;s over.<\/p>\n","protected":false},"author":535,"featured_media":465189,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-466038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Spot Inflows Reach Highest Point Since Black Thursday<\/title>\n<meta name=\"description\" content=\"Bitcoin has rebounded from the higher area of the $20,000 price zone. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/\",\"https:\/\/x.com\/rl_m\"],\"url\":\"https:\/\/uniquehot.com\/author\/reynaldomarquez\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Spot Inflows Reach Highest Point Since Black Thursday","description":"Bitcoin has rebounded from the higher area of the $20,000 price zone. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/uniquehot.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Spot Inflows Reach Highest Point Since Black Thursday","url":"http:\/\/uniquehot.com\/news\/bitcoin-inflows-reach-black-thursday\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-inflows-reach-black-thursday\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/06\/bitcoin-pump-and-dump-iStock-157397852.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/06\/bitcoin-pump-and-dump-iStock-157397852.jpeg?fit=1061%2C989"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2021-06-22T19:05:35Z","datePublished":"2021-06-22T19:05:35Z","dateModified":"2024-06-11T10:07:59Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Spot Inflows Reach Highest Point Since Black Thursday\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-inflows-reach-black-thursday\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-inflows-reach-black-thursday\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/bitcoin-pump-and-dump-iStock-157397852.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/bitcoin-pump-and-dump-iStock-157397852.jpeg?fit=1061%2C989\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2021-06-22T19:05:35Z\",\"datePublished\":\"2021-06-22T19:05:35Z\",\"dateModified\":\"2024-06-11T10:07:59Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/06\/bitcoin-pump-and-dump-iStock-157397852.jpeg?fit=1061%2C989","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/466038"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=466038"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/466038\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/465189"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=466038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=466038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=466038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}