{"id":469424,"date":"2021-08-17T19:00:09","date_gmt":"2021-08-17T19:00:09","guid":{"rendered":"https:\/\/wncen.com\/?p=469424"},"modified":"2024-06-11T13:57:47","modified_gmt":"2024-06-11T13:57:47","slug":"bitcoin-whales-buy-dip-222-million","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-whales-buy-dip-222-million\/","title":{"rendered":"Bitcoin Whales Looking To Buy The Dip As $222 Million Worth Of Stablecoins Flow Into Exchanges"},"content":{"rendered":"

On-chain data shows huge inflows of $222 million worth of stablecoins on exchanges, suggesting Bitcoin whales might be looking to buy the dip.<\/p>\n

Centralized Exchanges Observe $222 Million Worth Of Stablecoin Inflows<\/h2>\n

As pointed out by a CryptoQuant post<\/a>, centralized exchanges saw inflows of more than $222 million worth of stablecoins yesterday. The timing of this huge spike seems to match up with that of Bitcoin’s price showing a dip.<\/p>\n

The exchange inflow is an indicator that shows the amount of stablecoins<\/a> entering centralized exchanges from personal wallets.<\/p>\n

When the value of this metric goes up, it means more investors are sending their coins to these exchanges for buying other cryptocurrencies like Bitcoin.<\/p>\n

Similarly, when the stablecoins inflow indicator goes down, it could imply traders aren’t interested in trading their coins. They may want to wait to see how the price of volatile crypto moves before buying into the market.<\/p>\n

Opposite to the above metric is the outflow indicator. And the difference between these two gives the netflow<\/a>. Positive netflow implies more inflows, while negative means more outflows. Now, here is how the chart of this metric looks like right now:<\/p>\n

\"Bitcoin<\/p>\n

The stablecoins netflows (red) spiked up on 16 August | Source: CryptoQuant<\/a><\/pre>\n
As the above graph showcases, the value of this indicator shot up yesterday as $222 million worth of stablecoins flew into centralized exchanges.<\/p>\n
Interestingly, BTC’s price (the yellow curve in the chart) had a dip from $47.5k to $46k just preceding the above spike.<\/p>\n
Related Reading | Indicators Suggest Biggest Bitcoin Buy Signal Since April 2020<\/a><\/strong><\/em><\/p>\n
Another metric, the exchange reserve (blue line), also spiked up in tandem with the $222 million stablecoin inflows. The exchange reserves show the total amount of tokens on exchanges so an increase in its value makes sense here.<\/p>\n
Given the timing matches up with the Bitcoin dip, and the fact that these inflows are quite significant, it seems likely that these are whales and institutional investors trying to buy into the BTC dip.<\/p>\n
Bitcoin Price<\/h2>\n
At the time of writing, BTC’s price<\/a> floats around $46.4k, up 2% in the last 7 days. Over the last month, the cryptocurrency has amassed 48% in gains.<\/p>\n
Below is a chart showing the trends in Bitcoin’s value in the past three months:<\/p>\n
\"Bitcoin<\/p>\n
BTC's price stalls around the $46k mark | Source: BTCUSD on TradingView<\/a><\/pre>\n
After continuing on an overall positive uptrend for quite the while, BTC seems to have finally slowed down as the crypto’s price has stagnated around the $46k level.<\/p>\n
Related Reading | Weekly Bitcoin Momentum Cross Bullish For First Time Since March 2021<\/a><\/strong><\/em><\/p>\n
It’s unclear which way BTC will continue in once it escapes from this range. If the stablecoins inflows are anything to go by, the price leans bullish right now. However, there is still the possibility that a bear market could be ahead instead.<\/p>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows huge inflows of $222 million worth of stablecoins on exchanges, suggesting Bitcoin whales might be looking to buy the dip. Centralized Exchanges Observe $222 Million Worth Of Stablecoin Inflows As pointed out by a CryptoQuant post, centralized exchanges saw inflows of more than $222 million worth of stablecoins yesterday. The timing of this huge spike seems to match up with that of Bitcoin’s price showing a dip. The exchange inflow is an indicator that shows the amount of stablecoins entering centralized exchanges from personal wallets. When the value of this metric goes up, it means more investors are sending their coins to these exchanges for buying other cryptocurrencies like Bitcoin. Similarly, when the stablecoins inflow indicator goes down, it could imply traders aren’t interested in trading their coins. They may want to wait to see how the price of volatile crypto moves before buying into the market. Opposite to the above metric is the outflow indicator. And the difference between these two gives the netflow. Positive netflow implies more inflows, while negative means more outflows. Now, here is how the chart of this metric looks like right now: The stablecoins netflows (red) spiked up on 16 August | Source: CryptoQuant As the above graph showcases, the value of this indicator shot up yesterday as $222 million worth of stablecoins flew into centralized exchanges. Interestingly, BTC’s price (the yellow curve in the chart) had a dip from $47.5k to $46k just preceding the above spike. Related Reading | Indicators Suggest Biggest Bitcoin Buy Signal Since April 2020 Another metric, the exchange reserve (blue line), also spiked up in tandem with the $222 million stablecoin inflows. The exchange reserves show the total amount of tokens on exchanges so an increase in its value makes sense here. Given the timing matches up with the Bitcoin dip, and the fact that these inflows are quite significant, it seems likely that these are whales and institutional investors trying to buy into the BTC dip. Bitcoin Price At the time of writing, BTC’s price floats around $46.4k, up 2% in the last 7 days. Over the last month, the cryptocurrency has amassed 48% in gains. Below is a chart showing the trends in Bitcoin’s value in the past three months: BTC’s price stalls around the $46k mark | Source: BTCUSD on TradingView After continuing on an overall positive uptrend for quite the while, BTC seems to have finally slowed down as the crypto’s price has stagnated around the $46k level. Related Reading | Weekly Bitcoin Momentum Cross Bullish For First Time Since March 2021 It’s unclear which way BTC will continue in once it escapes from this range. If the stablecoins inflows are anything to go by, the price leans bullish right now. However, there is still the possibility that a bear market could be ahead instead.<\/p>\n","protected":false},"author":542,"featured_media":469436,"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":[428,19064,1119,1144,11164],"class_list":["post-469424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-whales","tag-btc","tag-btcusd","tag-stablecoin"],"acf":[],"yoast_head":"\nBitcoin Whales Looking To Buy The Dip As $222 Million Worth Of Stablecoins Flow Into Exchanges<\/title>\n<meta name=\"description\" content=\"On-chain data shows huge inflows of $222 million worth of stablecoins on exchanges, suggesting Bitcoin whales might be looking to buy the dip. 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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":"Bitcoin Whales Looking To Buy The Dip As $222 Million Worth Of Stablecoins Flow Into Exchanges","url":"http:\/\/wncen.com\/news\/bitcoin-whales-buy-dip-222-million\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-whales-buy-dip-222-million\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/todd-cravens-QnBrjY-nFUs-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/todd-cravens-QnBrjY-nFUs-unsplash.jpg?fit=2144%2C1424"},"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","bitcoin whales","btc","btcusd","stablecoin"],"dateCreated":"2021-08-17T19:00:09Z","datePublished":"2021-08-17T19:00:09Z","dateModified":"2024-06-11T13:57:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Whales Looking To Buy The Dip As $222 Million Worth Of Stablecoins Flow Into Exchanges\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-whales-buy-dip-222-million\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-whales-buy-dip-222-million\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/todd-cravens-QnBrjY-nFUs-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/todd-cravens-QnBrjY-nFUs-unsplash.jpg?fit=2144%2C1424\"},\"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\",\"bitcoin whales\",\"btc\",\"btcusd\",\"stablecoin\"],\"dateCreated\":\"2021-08-17T19:00:09Z\",\"datePublished\":\"2021-08-17T19:00:09Z\",\"dateModified\":\"2024-06-11T13:57:47Z\"}<\/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\/08\/todd-cravens-QnBrjY-nFUs-unsplash.jpg?fit=2144%2C1424","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/469424"}],"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=469424"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/469424\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/469436"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=469424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=469424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=469424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}