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Bitcoin

Bitcoin Recovers Back To $57,000: Here’s What Could Be Behind This

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

Bitcoin has surged in the last 24 hours with its price recovering back to $57,000. Here’s what could be behind this, according to on-chain data.

Exchanges Received Large Stablecoin Deposits Ahead Of Bitcoin Rally

In a new post on X, the market intelligence platform IntoTheBlock has discussed about the significant stablecoin net inflows into exchanges that have occurred recently.

The indicator of relevance here is the “Exchange Netflow,” which keeps track of the net amount of a given coin or group of coins that’s moving into or out of the wallets associated with centralized exchanges. The metric’s value is simply calculated by subtracting the outflows from the inflows.

Related Reading: Chainlink Becomes The Talk Of Social Media: Will This Fuel A Rebound?

Below is the chart shared by IntoTheBlock that shows the trend in the combined Exchange Netflow for all stablecoins over the past few months.

Stablecoin Exchange Netflow

Looks like the value of the metric has been positive in recent days | Source: IntoTheBlock on X

As displayed in the above graph, the stablecoin Exchange Netflow has been at notable positive levels recently, implying that investors have been making significant net deposits into these platforms.

Generally, the holders transfer their coins from self-custodial wallets into exchanges whenever they want to participate in trading activities. For coins like Bitcoin, this selling can naturally have a bearish effect on the price, so positive Exchange Netflows can be considered a bad sign for the asset.

In the current case, however, the cryptocurrencies in question are stablecoins, which are different from the volatile coins as investors hold them for a different purpose.

Usually, the main reason holders keep stables is to stay away from the volatility associated with the rest of the sector, as these tokens stay pegged around the same $1 value.

Holders of stablecoins usually eventually plan to venture out into the volatile side of the market, though, as if not, they would have kept their capital directly in fiat.

When these investors feel the time is right to make this trade back into the volatile coins, they may transfer them to exchanges. This swap into Bitcoin and others can naturally provide a buying boost to their prices, so positive stablecoin Exchange Netflows can in fact be a bullish sign for the volatile coins.

On the net, investors deposited around $300 million in stablecoins into the exchanges yesterday, implying that demand for buying into assets like Bitcoin may have been high.

Since then, BTC has observed a jump of more than 3%, which has taken it past the $57,000 mark. Given the timing, it’s possible that these stablecoin buyers had at least some role to play in the rally.

Related Reading: Bitcoin Hashrate Sets New ATH Despite Bearish Price: Miners Betting On A Rally?

As such, the stablecoin Exchange Netflow could be to keep an eye on in the near future as well, since more net deposits could potentially mean a continuation of the surge for Bitcoin.

BTC Price

While Bitcoin has made some recovery in the past day, its current price of $57,200 is still not near the levels it was trading at during the final week of August.

Bitcoin Price Chart

The price of the coin appears to have seen a significant drawdown in the last couple of weeks | Source: BTCUSD on TradingView
Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.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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