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          Home Cryptocurrency

          Exchange Flow Witnesses a Sharp Spike in Bitcoin Market

          Glutia Grace by Glutia Grace
          August 27, 2022
          in Cryptocurrency, Updates
          Bitcoin market

          Credit: The economic times

          Any person who is aware of the recent trend of the Bitcoin market would agree that the Bitcoin market is a highly volatile place to be. The main issue with Bitcoin as well as any other crypto market is that the crypto market does not sleep. As a result, crypto statistics may alter anytime. In fact, it is not uncommon for an investor to wake up to find that his crypto profile has witnessed either a large loss or a huge gain. 

          Therefore, in order to keep track of the various changes occurring in the Bitcoin market, there are certain indicators. The values on these indicators indicate various trends in the market. A similar type of indicator is the “exchange flow”. In fact, the recent on-chain data suggests that the exchange flow has increased recently for Bitcoin. If you are interested in knowing certain details about this recent trend in the Bitcoin market, then this article is the perfect stop for you. Keep reading the article for a detailed understanding of the exchange flow of the Bitcoin market.

          Bitcoin Market: Exchange Flow Witnesses A Surge

          Exchange Flow Witnesses A Surge
          Credit: newsBTC

          Recently CryptoQuant published a post related to the exchange flow of the Bitcoin market. In that post, it suggested that the whales with 1k to 10k BTC have recently moved a large number of coins to exchanges. In fact, in this regard the exchange flow becomes relevant. As the name might suggest, “exchange flow” indicates the total number of Bitcoin moving to exchange wallets on a particular day.

          A higher value on this indicator suggests that a large number of coins are being transferred to exchanges at any given point in time. On the other hand, a lower value on the matrix points out the fact that the exchanges are experiencing reduced selling activities. In fact, a higher value might ultimately prove bearish for the price of Bitcoin.

          This is due to the simple fact that the investors usually transfer to these exchanges for selling purposes. On the other hand, a lower reading on the matrix can ultimately prove either to be neutral or bullish for the price of Bitcoin. 

          CryptoQuant has also provided a graphical representation of exchange flow for the holder groups of 100-1k BTC, 1k-10k BTC, and above 10k BTC. That graph shows us that just a couple of days ago, the exchange inflow witnessed a sharp rise. The graph also suggests that the whales, with wallet balances within the 1k to 10k BTC range, have made the most contribution to this spike in exchange flow. 

          Concluding Lines

          The sharp rise in the exchange flow of Bitcoin is really an alarming issue. The market is already going through a bearish trend. In fact, a few days back, the price of Bitcoin briefly crossed the $25,000 mark. However, this upward trend got a bearish rejection from the investors. This in turn brought the price of Bitcoin below $24,000.

          In fact, at the time of writing the article, the price of Bitcoin stands at $21,638.92. Therefore, increased exchange flow can worsen this bearish trend. 

          Also read: The BitConnect Founder Sees Allegation of Defrauding Being Brought Against Him

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