Bitcoin Bullish Signal: Exchange Outflows Spike Up

Name	Symbol	Market	Market Cap ($)	Algorithm
Quant	QNTUSD	Crypto	1,572,370,885	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Quant

QNTUSD

Crypto

1,572,370,885

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.530	0.49%	108.84	108.73	108.83

Price Change

Price Change %

Current Price

Bid Price

Offer

0.530

0.49%

108.84

108.73

108.83

High Price	Low Price	Open Price	Prev. Close	52 Week Range
113.39	105.62	108.11	108.31	83.10 - 153.83

High Price

Low Price

Open Price

Prev. Close

52 Week Range

113.39

105.62

108.11

108.31

83.10 - 153.83

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	18:44:29	2.00	108.78	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

18:44:29

2.00

108.78

USD

Price x Volume	Volume	Base Symbol	Related Pairs
587,707.41	5,433.01	QNT	QNTEUR	QNTGBP	QNTBTC

Price x Volume

Volume

Base Symbol

Related Pairs

587,707.41

5,433.01

Bitcoin Bullish Signal: Exchange Outflows Spike Up

02/10/2022 8:00pm

NEWSBTC

On-chain data shows the Bitcoin exchange outflows have spiked up recently, a sign that could prove to be bullish for the crypto’s price. Bitcoin Exchange Netflow Has Observed Deep Red Values In Recent Days As pointed out by an analyst in a CryptoQuant post, investors have withdrawn more than 60k BTC from exchanges recently. The relevant indicator here is the “all exchanges netflow,” which measures the net amount of Bitcoin entering or exiting wallets of all centralized exchanges. The metric’s value is simply calculated by taking the difference between the inflows and the outflows. When the value of this indicator is greater than zero, it means there are more inflows taking place in the market than outflows. Such a trend, when prolonged, can be bearish for the price of the crypto as it may be a sign of dumping from investors. Related Reading: Why Most Public Bitcoin Miners Have Performed Terribly In Their Lifetimes On the other hand, negative values of the netflow suggest investors are taking out a net number of coins right now. This kind of trend can indicate buying pressure in the market, and hence could be bullish for BTC’s value. Now, here is a chart that shows the trend in the Bitcoin all exchanges netflow over the last month: The value of the metric seems to have been below zero in recent days | Source: CryptoQuant As you can see in the above graph, the Bitcoin all exchanges netflow has observed some negative spikes during the last three days. These downward surges in the indicator’s value have amounted to more than 61k BTC leaving exchange wallets, the largest stack of withdrawals in months. Related Reading: Secure Your Crypto Portfolio Today: Oryen (ORY), Bitcoin (BTC), and Ethereum Classic (ETC) The crypto’s price has been struggling hard for many months now, so this kind of fresh demand could be constructive for the coin, and help it turn things around, at least temporarily. BTC Price At the time of writing, Bitcoin’s price floats around $19.1k, up 1% in the last seven days. Over the past month, the crypto has lost 5% in value. Below is a chart that shows the trend in the price of the coin over the last five days. Looks like the value of the crypto has been mostly trending sideways during the last few days | Source: BTCUSD on TradingView Bitcoin hasn’t seen much price activity at all recently as the value of the crypto has been painting a flat curve. One exception was the surge to $20k a couple of days back, but it wasn’t long before the spike died down and BTC returned to its trend of consolidation. Featured image from Dylan Leagh on unsplash.com, charts from TradingView.com, CryptoQuant.com

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