{"id":477639,"date":"2021-11-29T19:00:55","date_gmt":"2021-11-29T19:00:55","guid":{"rendered":"https:\/\/wncen.com\/?p=477639"},"modified":"2024-06-11T07:47:23","modified_gmt":"2024-06-11T07:47:23","slug":"exchanges-see-bitcoin-outflows-for-7th-straight-day-as-btc-price-begins-recovery","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/exchanges-see-bitcoin-outflows-for-7th-straight-day-as-btc-price-begins-recovery\/","title":{"rendered":"Exchanges See Bitcoin Outflows For 7th Straight Day As BTC Price Begins Recovery"},"content":{"rendered":"

On-chain data shows exchanges have observed Bitcoin outflows for the seventh consecutive day as BTC’s price starts recovery.<\/p>\n

A Net Amount Of Bitcoin Exited Exchanges In The Past Week<\/h2>\n

As pointed out by a CryptoQuant post<\/a>, exchanges have seen BTC outflows for seven straight days in the last week.<\/p>\n

The relevant indicator here is the “all exchanges netflow<\/a>.” This metric shows the net amount of Bitcoin entering or exiting wallets of all exchanges. Its value is calculated by taking the difference between the inflows and the outflows.<\/p>\n

When the netflow has positive values, it means there were more inflows happening during the period compared with the outflows. Such a trend may be bearish for the crypto as investors usually send their coins to exchanges for withdrawing to fiat or for purchasing altcoins.<\/p>\n

On the other hand, if the indicator has negative values, it implies more Bitcoin was exiting exchanges than the amount entering them. This kind of trend can turn out to be bullish for the coin as investors usually take out their coins for hodling or for selling through OTC deals.<\/p>\n

Related Reading |\u00a0New COVID Variant FUD Drives Bitcoin Down To $54k<\/a><\/strong><\/em><\/p>\n

Now, here is a chart that shows the trend in BTC netflow over the last couple of months:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the indicator has shown negative values recently | Source: CryptoQuant<\/a><\/pre>\n
As the above graph shows, today was the seventh day in a row that exchanges observed negative Bitcoin netflows. These outflows have varied from as low as 1500 BTC, all the way to 10450 on the other end.<\/p>\n
Prolonged outflows can be quite bullish for the crypto in the long term as it leads to lesser supply for selling on exchanges.<\/p>\n
Related Reading |\u00a0Whales Fill Up On Bitcoin While Broader Market Panics<\/a><\/strong><\/em><\/p>\n
The indicator that measures the total supply on exchanges is called the “exchange reserve.” For quite a while now, the value of this metric has been gradually going down, and these recent outflows are just a continuation of that trend.<\/p>\n
This downtrend in the reserve may be creating a supply shock<\/a> in the market, and due to supply-demand dynamics, such a situation can be bullish for the coin’s price.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin’s price<\/a> floats around $57.2k, down 2% in the last seven days. Over the past thirty days, the crypto has lost 5% in value.<\/p>\n
The below chart shows the trend in the price of BTC over the last five days.<\/p>\n
\"Bitcoin<\/p>\n
BTC's price beginning to show recovery? | Source: BTCUSD on TradingView<\/a><\/pre>\n
Bitcoin may have started on the path to recovery now as the price once again revisits above $57k. However, at the moment it’s unclear whether it’s a real recovery or a dead cat’s bounce.<\/p>\n
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows exchanges have observed Bitcoin outflows for the seventh consecutive day as BTC’s price starts recovery. A Net Amount Of Bitcoin Exited Exchanges In The Past Week As pointed out by a CryptoQuant post, exchanges have seen BTC outflows for seven straight days in the last week. The relevant indicator here is the “all exchanges netflow.” This metric shows the net amount of Bitcoin entering or exiting wallets of all exchanges. Its value is calculated by taking the difference between the inflows and the outflows. When the netflow has positive values, it means there were more inflows happening during the period compared with the outflows. Such a trend may be bearish for the crypto as investors usually send their coins to exchanges for withdrawing to fiat or for purchasing altcoins. On the other hand, if the indicator has negative values, it implies more Bitcoin was exiting exchanges than the amount entering them. This kind of trend can turn out to be bullish for the coin as investors usually take out their coins for hodling or for selling through OTC deals. Related Reading |\u00a0New COVID Variant FUD Drives Bitcoin Down To $54k Now, here is a chart that shows the trend in BTC netflow over the last couple of months: Looks like the indicator has shown negative values recently | Source: CryptoQuant As the above graph shows, today was the seventh day in a row that exchanges observed negative Bitcoin netflows. These outflows have varied from as low as 1500 BTC, all the way to 10450 on the other end. Prolonged outflows can be quite bullish for the crypto in the long term as it leads to lesser supply for selling on exchanges. Related Reading |\u00a0Whales Fill Up On Bitcoin While Broader Market Panics The indicator that measures the total supply on exchanges is called the “exchange reserve.” For quite a while now, the value of this metric has been gradually going down, and these recent outflows are just a continuation of that trend. This downtrend in the reserve may be creating a supply shock in the market, and due to supply-demand dynamics, such a situation can be bullish for the coin’s price. BTC Price At the time of writing, Bitcoin’s price floats around $57.2k, down 2% in the last seven days. Over the past thirty days, the crypto has lost 5% in value. The below chart shows the trend in the price of BTC over the last five days. BTC’s price beginning to show recovery? | Source: BTCUSD on TradingView Bitcoin may have started on the path to recovery now as the price once again revisits above $57k. However, at the moment it’s unclear whether it’s a real recovery or a dead cat’s bounce. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":477657,"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-477639","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nExchanges See Bitcoin Outflows For 7th Straight Day As BTC Price Begins Recovery<\/title>\n<meta name=\"description\" content=\"On-chain data shows exchanges have observed Bitcoin outflows for the seventh consecutive day as BTC's price starts recovery. 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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":"Exchanges See Bitcoin Outflows For 7th Straight Day As BTC Price Begins Recovery","url":"http:\/\/wncen.com\/news\/exchanges-see-bitcoin-outflows-for-7th-straight-day-as-btc-price-begins-recovery\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/exchanges-see-bitcoin-outflows-for-7th-straight-day-as-btc-price-begins-recovery\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/executium-3pBIJ99-ohA-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/executium-3pBIJ99-ohA-unsplash-scaled.jpg?fit=2560%2C1703"},"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"],"dateCreated":"2021-11-29T19:00:55Z","datePublished":"2021-11-29T19:00:55Z","dateModified":"2024-06-11T07:47:23Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Exchanges See Bitcoin Outflows For 7th Straight Day As BTC Price Begins Recovery\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/exchanges-see-bitcoin-outflows-for-7th-straight-day-as-btc-price-begins-recovery\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/exchanges-see-bitcoin-outflows-for-7th-straight-day-as-btc-price-begins-recovery\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/executium-3pBIJ99-ohA-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/executium-3pBIJ99-ohA-unsplash-scaled.jpg?fit=2560%2C1703\"},\"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\"],\"dateCreated\":\"2021-11-29T19:00:55Z\",\"datePublished\":\"2021-11-29T19:00:55Z\",\"dateModified\":\"2024-06-11T07:47:23Z\"}<\/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\/11\/executium-3pBIJ99-ohA-unsplash-scaled.jpg?fit=2560%2C1703","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/477639","targetHints":{"allow":["GET"]}}],"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=477639"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/477639\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/477657"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=477639"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=477639"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=477639"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}