Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has observed a plunge to the $59,000 level during the past day. Here’s what could be behind it, according to on-chain data. Bitcoin Exchange Inflow Spiked Just Before The Crash In a new post on X, CryptoQuant Head of Research Julio Moreno\u00a0discussed the latest trend in\u00a0Bitcoin Exchange Inflow.\u00a0Exchange Inflow\u00a0is an on-chain metric that tracks the total amount of assets\u00a0being transferred into the wallets of centralized exchanges. Investors deposit many coins on these platforms when this indicator’s value is high. One of the main reasons holders may transfer to exchanges is for selling-related purposes so this trend can have bearish consequences for BTC’s value. Related Reading: Litecoin Sees Sudden Exodus Of Retail Investors: Why This Can Be Bullish On the other hand, the low metric implies holders aren’t moving that many coins from self-custody into exchanges, which, depending on whether outflows are also occurring, can potentially be bullish for the cryptocurrency. Now, here is the chart shared by Moreno that shows the trend in the Bitcoin Exchange Inflow over the past few days: As displayed in the graph at the top, the Bitcoin Exchange Inflow saw some notable spikes in the lead-up to the latest price plunge. The version of the indicator in the chart is specifically for the spot platforms, so selling was likely the goal of the investors making these deposits. The CryptoQuant head has also attached the data for another metric: the Spent Output Value Bands version of the Exchange Inflow, under the chart for the Exchange Inflow. This indicator shows how the Exchange Inflow breaks down according to the transactions’ size. In the graph, Moreno has specifically highlighted the 1,000 to 10,000 BTC value band, corresponding to addresses carrying between 1,000 and 10,000 tokens in their balance. Investors of this scale are popularly known as the\u00a0whales and are considered among the market’s most influential entities. As the chart shows, the Exchange Inflow for these large Bitcoin holders also spiked alongside the spikes in the general metric, implying that the whales contributed to some of the deposits. Related Reading: Solana, Ethereum Attract Traders Amid Bitcoin Open Interest Plunge Given the timing of the inflows made by these humongous investors, it’s probable that this selling was partially responsible for the bearish price action the cryptocurrency witnessed during the past day. As such, the indicator could be worth monitoring shortly, as more large deposits could suggest that the Bitcoin sellers aren’t done yet. BTC Price At the time of writing, Bitcoin is floating around $59,900, down almost 4% over the last 24 hours. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":638295,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,506,87302,87335,92965,87457,1119,1144],"class_list":["post-638229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-crash","tag-bitcoin-exchange-inflow","tag-bitcoin-on-chain-data","tag-bitcoin-plummet","tag-bitcoin-plunge","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n
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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 Plummets To $59,000, On-Chain Data Reveals Why","url":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-plummets-59000-on-chain-data-why\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-plummets-59000-on-chain-data-why\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/btc_94b3a1.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/btc_94b3a1.png?fit=1792%2C1024"},"articleSection":"Bitcoin 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 crash","bitcoin exchange inflow","bitcoin on-chain data","bitcoin plummet","bitcoin plunge","btc","btcusd"],"dateCreated":"2024-08-28T20:30:38Z","datePublished":"2024-08-28T20:30:38Z","dateModified":"2024-08-28T20:30:38Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Plummets To $59,000, On-Chain Data Reveals Why\",\"url\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-plummets-59000-on-chain-data-why\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-plummets-59000-on-chain-data-why\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/btc_94b3a1.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/btc_94b3a1.png?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin 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 crash\",\"bitcoin exchange inflow\",\"bitcoin on-chain data\",\"bitcoin plummet\",\"bitcoin plunge\",\"btc\",\"btcusd\"],\"dateCreated\":\"2024-08-28T20:30:38Z\",\"datePublished\":\"2024-08-28T20:30:38Z\",\"dateModified\":\"2024-08-28T20:30:38Z\"}<\/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\/2024\/08\/btc_94b3a1.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/638229"}],"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=638229"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/638229\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/638295"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=638229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=638229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=638229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Bitcoin](\"https:\/\/pbs.twimg.com\/media\/GWCLr4iXEAAVtWQ?format=jpg&name=4096x4096\")