On-chain data shows Bitcoin selling on the crypto exchange Binance has started to weaken in recent weeks as outflows have shot up.
Binance Has Observed Negative Bitcoin Netflows Recently
ដូចដែលបានចង្អុលបង្ហាញដោយអ្នកវិភាគនៅក្នុងគ្រីបតូក្វាន់ ក្រោយ, the world’s largest crypto exchange by trading volume, Binance, has seen a decline in BTC dumping recently.
"លំហូរសុទ្ធ” is an indicator that tells us about the net amount of Bitcoin entering or exiting wallets of an exchange.
The value of this metric is calculated by simply taking the difference between the inflows and the outflows for the exchange in question.
When the netflow registers a positive value, it means inflows are currently dominating the outflows. Such a trend may be bearish for the price of Bitcoin as holders usually deposit their crypto to exchanges for selling purposes.
On the other hand, positive values of the indicator imply investors are taking out a net amount of coins at the moment. This kind of trend can be bullish for the crypto’s price as it may be a sign of accumulation.
ការអានដែលទាក់ទង | សញ្ញាធ្លាក់ចុះ Bitcoin: សមាមាត្រអានុភាពបន្តឈានដល់កម្រិតខ្ពស់ថ្មី។
Now, here is a chart that shows the trend in the BTC netflow for the crypto exchange Binance:
Looks like the netflow has been negative recently | Source: គ្រីបតូក្វាន់
As you can see in the above graph, the Binance Bitcoin netflows had been positive during the selloff around the all-time high.
The exchange’s reserve had naturally been rising during this period as coins were being deposited into its wallets.
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All this while, the ទុនបំរុងនៃការផ្លាស់ប្តូរទាំងអស់ had actually been observing a decline, showing much of the selling was occurring only on a few exchanges like Binance.
In recent weeks, however, the Binance Bitcoin netflow has once again turned negative, leading to a slight decline in its reserve.
This would suggest that dumping is weakening on the crypto exchange. Last time such a trend formed was back in July 2021, following which a bull rally kicked off that took the price to its current ATH.
តម្លៃ BTC
នៅពេលសរសេរ។ តម្លៃរបស់ Bitcoin អណ្តែតនៅជុំវិញ $39.7k ធ្លាក់ចុះ 11% ក្នុងរយៈពេលប្រាំពីរថ្ងៃចុងក្រោយនេះ។ ក្នុងរយៈពេលមួយខែកន្លងមកនេះ គ្រីបតូបានកើនឡើង 2% នៅក្នុងតម្លៃ។
តារាងខាងក្រោមបង្ហាញពីនិន្នាការតម្លៃកាក់ក្នុងរយៈពេលប្រាំថ្ងៃចុងក្រោយនេះ។
The price of BTC seems to have plunged down over the last few days | Source: BTCUSD ស្តីពី TradingView
Following the drop a few days back that has taken the value of the crypto below $40k again, Bitcoin has been moving sideways over the past couple of days.
រូបភាពលេចធ្លោពី Unsplash.com, គំនូសតាងពី TradingView.com, CryptoQuant.com
Source: https://bitcoinist.com/data-bitcoin-selling-on-binance-weakening-recently/