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BTCUSD Bitcoin

64,171.82

661.65 (1.04%)

23:38:11 - Realtime Data

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,262,451,705,211	SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	661.65	1.04%	64,171.82	64,163.53	64,169.13

High Price	Low Price	Open Price	Prev. Close	52 Week Range
65,498.99	59,573.32	63,342.52	63,510.17	24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	23:38:10	0.000175	64,160.64	USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,827,288,900.42	28,807.26	BTC	BTCEUR	BTCGBP	ETHBTC

Huge Bitcoin Inflow To Gemini Behind The Drop To $38k?

30/07/2021 8:00pm

NEWSBTC

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 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’s 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.

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