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Bitcoin

Bitcoin Whales Buy The Crash: Exchange Outflows At Highest In 2024

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

On-chain data suggests the Bitcoin whales could be accumulating the dip as spot exchanges have recently seen their largest withdrawal of 2024.

Bitcoin Exchange Netflow Has Turned Deep Red Recently

As pointed out by an analyst in a CryptoQuant Quicktake post, a large number of coins has left the spot exchanges recently. The indicator of relevance here is the “exchange netflow,” which keeps track of the net amount of Bitcoin moving into or out of the wallets attached to all centralized exchanges.

When the value of this metric is negative, it means the outflows are overwhelming the inflows right now, and a net amount is exiting the wallets of these platforms. This kind of trend could imply the investors are looking to hold onto the long-term, which can naturally be bullish for BTC.

Related Reading: True Bitcoin HODLers Unfazed: Over 30% Of Supply Dormant Since 5 Years+

On the other hand, the indicator being positive suggests the holders are making net deposits to the exchanges. The exact implication of such a trend on the cryptocurrency depends on which type of exchange is receiving these deposits, spot or derivatives.

In the case of spot exchanges, inflows can be bearish for the price, as they suggest investors may be looking to sell. Derivatives inflows aren’t so simple, but they do lead to higher volatility for the asset, as they imply that traders are looking to open more risk positions on the market.

Now, here is a chart that shows the trend in the Bitcoin exchange netflow, specifically for spot exchanges since the start of the year:

Bitcoin Exchange Netflow

Looks like the value of the indicator has seen a sharp red spike recently | Source: CryptoQuant

As displayed in the graph, the Bitcoin exchange netflow for the spot exchanges has seen a massive negative spike during the latest downturn in the price, potentially suggesting that some large investors are accumulating.

In total, this net outflow spike has corresponded to more than 46,000 BTC leaving these platforms, equivalent to over $2.6 billion at the current exchange rate of the cryptocurrency.

Given the timing of the outflows, it’s possible that whales are banking on the price to go up from these latest lows as they are shifting their coins off into self-custody.

Related Reading: Bitcoin Futures-To-Spot Volume Ratio Down 63% This Bull Run: What It Means

It’s also not just the spot platforms that are seeing this trend, either, as another quant has pointed out that the netflow for the derivatives exchanges has also witnessed large negative spikes.

Bitcoin Derivatives Netflow

The value of the metric appears to have been quite negative in recent days | Source: CryptoQuant

These net outflows from the derivatives platforms could suggest the whales are looking to reduce their risk. But as these coins haven’t gone into spot exchanges, these derivatives users could be planning to hold for an extended period, following in the lead of the spot whales.

BTC Price

At the time of writing, Bitcoin is trading at around $57,200, down almost 9% in the past week.

Bitcoin Price Chart

The price of the coin seems to have overall been moving sideways during the last few days | Source: BTCUSD on TradingView
Featured image from Dall-E, CryptoQuant.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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