Crypto Sonar: Whales Collect Bitcoin

According to data published by CryptoQuant, whales showing very negative BTC net flow are collecting Bitcoin again. Yesterday, BTC dropped below $30,000 for the first time since the beginning of the year, but quickly recovered to around $32,000. Signs Indicating Increasing Bitcoin Accumulation The "sign" to focus on here is the BTC net flow to/from exchanges. To understand what it shows, we'll first need to look at two specific terms, exchange input and output. Exchange entry is the number of coins deposited in exchange wallets. If it increases, it means more people are sending their Bitcoins to exchanges, which indicates a breakdown. On the other hand, the output of exchanges is the number of coins received from exchange wallets. The higher this value, the more people send their BTC to individual wallets, meaning the more they buy. Related literature | Extreme fear in the crypto market, is it time to bleed on Bitcoin? As mentioned earlier, the relevant term here is exchange grid current, which is simply the difference between input and output. Exchange Netflow = Exchange Inflow – Exchange Outflow Now, according to data from CryptoQuant, the Bitcoin exchange netflow graph for the last 7 days looks like this: BTC exchange netflow shows dark red | Source: CryptoQuant As can be seen from the chart, Bitcoin net flow is showing extremely negative behavior. Negative net flow behavior means more BTC coming out of exchanges than entering. For example, from yesterday's chart alone, 5k BTC has moved to individual wallets. Last week, most of Bitcoin was between 15 and 16, with a total of 39,000 BTC lost from exchanges. What is interesting is that such a large coin move means that some whales are starting to gather. Bitcoin price BTC recovered after the crash, dropping below $30,000 and seems to be on the rise. It has increased almost 18% in the last 24 hours. However, looking at the last 7 days, the cryptocurrency is still down 12%.

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