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Bitcoin

Bitcoin Plummets Under $22k As Exchange Inflows Spike

Keshav Verma
by Keshav Verma
3 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On-chain data suggests the Bitcoin exchange inflows shot up recently, suggesting selling on exchanges may be behind the latest drop in the crypto’s price below $22k.

Bitcoin All Exchanges Inflow Has Observed A Large Value In Recent Days

As pointed out by a CryptoQuant post, whales with 1k to 10k BTC moved a significant number of coins to exchanges recently.

The “exchange inflow” is an indicator that measures the total amount of Bitcoin moving to exchange wallets on any given day.

When the value of this metric is high, it means a large number of coins are being transferred to exchanges right now. If a significant portion of this BTC went to spot exchanges, then such a trend can prove to be bearish for the price of the crypto as investors usually transfer to these exchanges for selling purposes.

On the other hand, low values of the inflow can suggest exchanges are seeing little selling activity right now. This may be either neutral or bullish for the value of the coin.

Related Reading: Decline In Bitcoin Denominated Open Interest Sees Funding Rates Fall Below Neutral

A modified version of the inflow highlights the individual contribution to the total inflows from the different sized retail investors as well as whales in the market. Here is a chart specifically for the holder groups of 100-1k BTC, 1k-10k BTC, and above 10k BTC:

Bitcoin Exchange Inflow

Looks like the metric registered a large value recently | Source: CryptoQuant

As you can see in the above graph, the Bitcoin all exchanges inflow observed a sharp spike just a couple of days back.

It seems like the heaviest contribution to this spike came from whales with wallet balances lying in the 1k to 10k BTC range.

Related Reading: Why The Bitcoin Hashrate Has Barely Moved Since May

If a large part of these inflows indeed went to spot exchanges, then the latest plunge in the price of the crypto may have been triggered by the dumping from these whales.

BTC Price

At the time of writing, Bitcoin’s price floats around $21.4k, down 10% in the last seven days. Over the past month, the crypto has lost 4% in value.

The below chart shows the trend in the price of the coin over the last five days.

Bitcoin Price Chart

The value of the crypto seems to have plummeted down during the last couple of days | Source: BTCUSD on TradingView

After moving sideways around the $24k mark for a while, Bitcoin seems to have broken out of the consolidation and dropped lower. The crypto has now breached under the $22k level for the first time since more than 20 days ago, and the decline doesn’t look to have stopped yet.

Featured image from André François McKenzie on Unsplash.com, charts from TradingView.com, CryptoQuant.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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