{"id":527921,"date":"2023-04-21T13:00:20","date_gmt":"2023-04-21T13:00:20","guid":{"rendered":"https:\/\/uniquehot.com\/?p=527921"},"modified":"2024-06-11T07:06:04","modified_gmt":"2024-06-11T07:06:04","slug":"bitcoin-exchange-outflows-spike-bullish-sign","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-exchange-outflows-spike-bullish-sign\/","title":{"rendered":"Bitcoin Exchange Outflows Spike, Bullish Sign?"},"content":{"rendered":"

On-chain data shows the Bitcoin exchange outflows have seen a significant spike during the past day, a sign that may be bullish for the price.<\/p>\n

Bitcoin Exchange Outflows Have Observed A Large Spike Today<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, a total of 2,138 BTC has been taken out of exchanges during the last day. The “exchange outflow<\/a>” is an indicator that measures the total amount of Bitcoin that’s being withdrawn from the wallets of all centralized exchanges.<\/p>\n

When the value of this metric has an elevated value, it means the investors are transferring out a large number of coins from these platforms. Generally, holders withdraw their BTC from exchanges for holding onto them for extended periods in offsite wallets. Because of this reason, elevated values of this metric can be a sign of accumulation, and hence, can be bullish for the cryptocurrency’s price.<\/p>\n

On the other hand, the low values of the indicator imply there aren’t many withdrawals happening in the market right now. Such a trend can be either bearish or neutral for the asset, depending on how the “exchange inflow<\/a>,” the counterpart indicator, is behaving at the moment.<\/p>\n

Holders usually deposit to exchanges for selling-related purposes, so when the exchange inflow has high values, it suggests the investors may be participating in a selloff of the asset. Naturally, this can have bearish consequences for the price.<\/p>\n

Related Reading: Bitcoin Bearish Signal: Supply Older Than 7 Years On The Move<\/a><\/div>\n

Now, here is a chart that shows the trend in the Bitcoin exchange outflow, as well as in the inflow, over the last day:<\/p>\n

\"Bitcoin<\/p>\n

The value of the outflow seems to have been quite high in recent hours | Source: CryptoQuant<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin exchange outflow has registered a very sharp spike in the last few hours. In total, the investors have withdrawn 2,138 BTC (about $60.6 million at the current exchange rate) from exchanges with this spike.<\/p>\n
Since these large withdrawals have come while the price of the cryptocurrency has been in the lower $28,000 values<\/a> (which are relatively low levels considering the price had been above $30,000 just a few days ago), it’s possible that these transfers out of exchanges are a sign of fresh buying taking place in the market.<\/p>\n
From the chart, it’s also visible that the exchange inflows have remained at low values at the same time, meaning that there aren’t any deposits happening to counteract these withdrawals. This may imply that there isn’t any additional appetite for selling at the current levels for now.<\/p>\n
Related Reading: Quant Explains Bitcoin Funding Rates Pattern That Precedes Uptrends<\/a><\/div>\n
This fresh unimpeded Bitcoin accumulation can be a positive sign for the market, as it means that there are at least some large investors in the sector who view the current prices as a discounted buying opportunity, and not as a sign of more decline to come.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $28,000, down 9% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the value of the asset has been plunging in the last few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Dmitry Demidko on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Bitcoin exchange outflows have seen a significant spike during the past day, a sign that may be bullish for the price. Bitcoin Exchange Outflows Have Observed A Large Spike Today As pointed out by an analyst in a CryptoQuant post, a total of 2,138 BTC has been taken out of exchanges during the last day. The “exchange outflow” is an indicator that measures the total amount of Bitcoin that’s being withdrawn from the wallets of all centralized exchanges. When the value of this metric has an elevated value, it means the investors are transferring out a large number of coins from these platforms. Generally, holders withdraw their BTC from exchanges for holding onto them for extended periods in offsite wallets. Because of this reason, elevated values of this metric can be a sign of accumulation, and hence, can be bullish for the cryptocurrency’s price. On the other hand, the low values of the indicator imply there aren’t many withdrawals happening in the market right now. Such a trend can be either bearish or neutral for the asset, depending on how the “exchange inflow,” the counterpart indicator, is behaving at the moment. Holders usually deposit to exchanges for selling-related purposes, so when the exchange inflow has high values, it suggests the investors may be participating in a selloff of the asset. Naturally, this can have bearish consequences for the price. Related Reading: Bitcoin Bearish Signal: Supply Older Than 7 Years On The Move Now, here is a chart that shows the trend in the Bitcoin exchange outflow, as well as in the inflow, over the last day: The value of the outflow seems to have been quite high in recent hours | Source: CryptoQuant As displayed in the above graph, the Bitcoin exchange outflow has registered a very sharp spike in the last few hours. In total, the investors have withdrawn 2,138 BTC (about $60.6 million at the current exchange rate) from exchanges with this spike. Since these large withdrawals have come while the price of the cryptocurrency has been in the lower $28,000 values (which are relatively low levels considering the price had been above $30,000 just a few days ago), it’s possible that these transfers out of exchanges are a sign of fresh buying taking place in the market. From the chart, it’s also visible that the exchange inflows have remained at low values at the same time, meaning that there aren’t any deposits happening to counteract these withdrawals. This may imply that there isn’t any additional appetite for selling at the current levels for now. Related Reading: Quant Explains Bitcoin Funding Rates Pattern That Precedes Uptrends This fresh unimpeded Bitcoin accumulation can be a positive sign for the market, as it means that there are at least some large investors in the sector who view the current prices as a discounted buying opportunity, and not as a sign of more decline to come. BTC Price At the time of writing, Bitcoin is trading around $28,000, down 9% in the last week. Looks like the value of the asset has been plunging in the last few days | Source: BTCUSD on TradingView Featured image from Dmitry Demidko on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":527925,"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":[428,11680,87050,1119,1144],"class_list":["post-527921","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bullish","tag-bitcoin-exchange-outflows","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Exchange Outflows Spike, Bullish Sign?<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin exchange outflows have seen a significant spike during the past day, a sign that may be bullish for the price. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Exchange Outflows Spike, Bullish Sign?","url":"http:\/\/uniquehot.com\/news\/bitcoin-exchange-outflows-spike-bullish-sign\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-exchange-outflows-spike-bullish-sign\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/dmitry-demidko-eBWzFKahEaU-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/dmitry-demidko-eBWzFKahEaU-unsplash-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bullish","bitcoin exchange outflows","btc","btcusd"],"dateCreated":"2023-04-21T13:00:20Z","datePublished":"2023-04-21T13:00:20Z","dateModified":"2024-06-11T07:06:04Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Exchange Outflows Spike, Bullish Sign?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-exchange-outflows-spike-bullish-sign\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-exchange-outflows-spike-bullish-sign\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/dmitry-demidko-eBWzFKahEaU-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/dmitry-demidko-eBWzFKahEaU-unsplash-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bullish\",\"bitcoin exchange outflows\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-04-21T13:00:20Z\",\"datePublished\":\"2023-04-21T13:00:20Z\",\"dateModified\":\"2024-06-11T07:06:04Z\"}<\/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\/2023\/04\/dmitry-demidko-eBWzFKahEaU-unsplash-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/527921","targetHints":{"allow":["GET"]}}],"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\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=527921"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/527921\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/527925"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=527921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=527921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=527921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}