{"id":468431,"date":"2021-07-30T19:00:58","date_gmt":"2021-07-30T19:00:58","guid":{"rendered":"https:\/\/wncen.com\/?p=468431"},"modified":"2024-06-11T13:57:24","modified_gmt":"2024-06-11T13:57:24","slug":"huge-bitcoin-inflow-gemini-drop-38k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/huge-bitcoin-inflow-gemini-drop-38k\/","title":{"rendered":"Huge Bitcoin Inflow To Gemini Behind The Drop To $38k?"},"content":{"rendered":"

On-chain analysis shows that crypto exchange Gemini observed huge Bitcoin inflows just before the plunge down to $38k.<\/p>\n

Huge Bitcoin Inflows To Gemini<\/h2>\n

As pointed out by a CryptoQuant post<\/a>, crypto exchange Gemini saw huge inflows earlier today resulting in a positive spike in the netflows.<\/p>\n

Before examining the data, here are some quick definitions for the relevant terms. The exchange inflow is the amount of BTC sent from personal wallets to the exchange platform.<\/p>\n

Similarly, the outflow is the BTC that was transferred out of exchanges to personal wallets. The netflow<\/a> is just the difference between the value of the inflow and the outflow.<\/p>\n

When the value of the netflow is positive, it means more BTC is entering the exchange than exiting. Such a\u00a0 spike would mean that investors want to sell off their Bitcoin, and thus there is a selling pressure in the market.<\/p>\n

On the other hand, when this indicator is negative, it implies a buying pressure in the market as more BTC is traveling out of exchanges than in.<\/p>\n

Now, here is how the Bitcoin netflow chart for the Gemini crypto exchange<\/a> looks like:<\/p>\n

\"Bitcoin<\/p>\n

The Gemini BTC netflow notices a huge positive spike | Source: CryptoQuant<\/a><\/pre>\n
As the above graph shows, Gemini has just witnessed a spike in the Bitcoin netflow. Interestingly, BTC’s price plunged down to $38k from just under $40k right after these inflows.<\/p>\n
Related Reading | 8 Green Candles: Here\u2019s What Happened The Last Time In Bitcoin<\/a><\/strong><\/em><\/p>\n
The chart also shows that the other big positive netflows also seem to have been followed by drops in the crypto’s price. This does make it seem like there is a correlation between the netflows on Gemini and BTC’s price.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, the Bitcoin price<\/a> floats around $k, up % in the last 7 days. The cryptocurrency’s gains for the month are around %.<\/p>\n
Here is a chart that shows the trend in the price of BTC over the last 24 hours:<\/p>\n
\"Bitcoin<\/p>\n
BTC witnesses a sharp fall from about $40k to $38k | Source: TradingView<\/a><\/pre>\n
After being range bound for quite the while, Bitcoin finally saw some significant price movement as its price touched $40k. The cryptocurrency has seen 9 up days, something the coin hasn’t seen since 6 years ago.<\/p>\n
However, today it seems like BTC has finally dropped a little so today won’t be a positive day. As explained before, this plunge down to $38k is likely due to the Gemini inflows.<\/p>\n
Related Reading | TA: Ethereum (ETH) Outpaces Bitcoin, Why Bulls Aim Larger Increase<\/a><\/strong><\/em><\/p>\n
In the past, there have been similar instances where Gemini inflows caused sharp downtrends. However, they don’t necessarily mean a drop will happen. It could still be worth keeping an eye on the crypto exchange’s netflow for any possible hints, nonetheless.<\/p>\n","protected":false},"excerpt":{"rendered":"
On-chain analysis shows that crypto exchange Gemini observed huge Bitcoin inflows just before the plunge down to $38k. Huge Bitcoin Inflows To Gemini As pointed out by a CryptoQuant post, crypto exchange Gemini saw huge inflows earlier today resulting in a positive spike in the netflows. Before examining the data, here are some quick definitions for the relevant terms. The exchange inflow is the amount of BTC sent from personal wallets to the exchange platform. Similarly, the outflow is the BTC that was transferred out of exchanges to personal wallets. The netflow is just the difference between the value of the inflow and the outflow. When the value of the netflow is positive, it means more BTC is entering the exchange than exiting. Such a\u00a0 spike would mean that investors want to sell off their Bitcoin, and thus there is a selling pressure in the market. On the other hand, when this indicator is negative, it implies a buying pressure in the market as more BTC is traveling out of exchanges than in. Now, here is how the Bitcoin netflow chart for the Gemini crypto exchange looks like: The Gemini BTC netflow notices a huge positive spike | Source: CryptoQuant As the above graph shows, Gemini has just witnessed a spike in the Bitcoin netflow. Interestingly, BTC’s price plunged down to $38k from just under $40k right after these inflows. Related Reading | 8 Green Candles: Here\u2019s What Happened The Last Time In Bitcoin The chart also shows that the other big positive netflows also seem to have been followed by drops in the crypto’s price. This does make it seem like there is a correlation between the netflows on Gemini and BTC’s price. BTC Price At the time of writing, the Bitcoin price floats around $k, up % in the last 7 days. The cryptocurrency’s gains for the month are around %. Here is a chart that shows the trend in the price of BTC over the last 24 hours: BTC witnesses a sharp fall from about $40k to $38k | Source: TradingView After being range bound for quite the while, Bitcoin finally saw some significant price movement as its price touched $40k. The cryptocurrency has seen 9 up days, something the coin hasn’t seen since 6 years ago. However, today it seems like BTC has finally dropped a little so today won’t be a positive day. As explained before, this plunge down to $38k is likely due to the Gemini inflows. Related Reading | TA: Ethereum (ETH) Outpaces Bitcoin, Why Bulls Aim Larger Increase In the past, there have been similar instances where Gemini inflows caused sharp downtrends. However, they don’t necessarily mean a drop will happen. It could still be worth keeping an eye on the crypto exchange’s netflow for any possible hints, nonetheless.<\/p>\n","protected":false},"author":542,"featured_media":468440,"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":[428,1119,1144,2164],"class_list":["post-468431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-gemini"],"acf":[],"yoast_head":"\nHuge Bitcoin Inflow To Gemini Behind The Drop To $38k?<\/title>\n<meta name=\"description\" content=\"On-chain analysis shows that crypto exchange Gemini observed huge Bitcoin inflows just before the plunge down to $38k. 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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:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Huge Bitcoin Inflow To Gemini Behind The Drop To $38k?","url":"http:\/\/wncen.com\/news\/huge-bitcoin-inflow-gemini-drop-38k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/huge-bitcoin-inflow-gemini-drop-38k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/pexels-olya-kobruseva-89195721-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/pexels-olya-kobruseva-89195721-scaled.jpg?fit=1709%2C2560"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","gemini"],"dateCreated":"2021-07-30T19:00:58Z","datePublished":"2021-07-30T19:00:58Z","dateModified":"2024-06-11T13:57:24Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Huge Bitcoin Inflow To Gemini Behind The Drop To $38k?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/huge-bitcoin-inflow-gemini-drop-38k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/huge-bitcoin-inflow-gemini-drop-38k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/pexels-olya-kobruseva-89195721-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/pexels-olya-kobruseva-89195721-scaled.jpg?fit=1709%2C2560\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"gemini\"],\"dateCreated\":\"2021-07-30T19:00:58Z\",\"datePublished\":\"2021-07-30T19:00:58Z\",\"dateModified\":\"2024-06-11T13:57:24Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/pexels-olya-kobruseva-89195721-scaled.jpg?fit=1709%2C2560","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/468431"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=468431"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/468431\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/468440"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=468431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=468431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=468431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}