According to on-chain and financial measurement platform Glassnode, whale inflows to Crypto Exchanges have experienced a jump. Throughout the months of June and July of this year, it maintained its high entry trend between 4,000-6,500 Bitcoins per day. This greatly affects the monthly data over the past five years. This is a significant change from the historical net flow rates between 5,000 BTC and -5,000 BTC per month. Here are the details…
Leading cryptocurrency piles into exchanges
According to a tweet from the platform, BTC whale net flows to exchanges could act as an indicator for its impact on supply and demand. Glassnode shared a screenshot outlining the whale stock Market flows in July. In the shared example, the entry from the whale to the exchange was 11,900 Bitcoins per day. On the other hand, the output was -6,900 BTC per day, reaching a total net flow of 5,000 BTC per day. Crypto traders use Bitcoin net flow metrics to gauge investors’ sentiment. They also use it to detect when Bitcoin whales plan to hold or liquidate their coins. So, what does it mean for whales to transfer their crypto assets to crypto exchanges? The move is seen as a sign that they want to sell or barter.
Mike Novogratz supported the purchase of Bitcoin
While BTC was being transferred to exchanges, a comment came from billionaire Mike Novogratz. Famous billionaire investor and Investment expert Mike Novogratz has once again highlighted his bullish stance on Bitcoin (BTC) following a surprising announcement about US interest payments. The U.S. had $970 in Q2, an increase of $41 billion.
parofix.com
Leading cryptocurrency piles into exchanges
According to a tweet from the platform, BTC whale net flows to exchanges could act as an indicator for its impact on supply and demand. Glassnode shared a screenshot outlining the whale stock Market flows in July. In the shared example, the entry from the whale to the exchange was 11,900 Bitcoins per day. On the other hand, the output was -6,900 BTC per day, reaching a total net flow of 5,000 BTC per day. Crypto traders use Bitcoin net flow metrics to gauge investors’ sentiment. They also use it to detect when Bitcoin whales plan to hold or liquidate their coins. So, what does it mean for whales to transfer their crypto assets to crypto exchanges? The move is seen as a sign that they want to sell or barter.
Conversely, there is a belief that when Bitcoin whales withdraw their coins from exchanges, they may be moving them to a more secure store. This suggests that they may be willing to hold on to them for a long time. Based on this logic, Glassnode’s data, which shows a continuous and relatively increasing inflow to exchanges, can give an idea of the current market situation. It may explain why Bitcoin maintained a slight bearish momentum for most of June and July of this year.
Mike Novogratz supported the purchase of Bitcoin
While BTC was being transferred to exchanges, a comment came from billionaire Mike Novogratz. Famous billionaire investor and Investment expert Mike Novogratz has once again highlighted his bullish stance on Bitcoin (BTC) following a surprising announcement about US interest payments. The U.S. had $970 in Q2, an increase of $41 billion.
parofix.com
