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Bitcoin Sets New ATH Above $104,000, Yet Investors Don't Want To Sell
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Bitcoin Sets New ATH Above $104,000, Yet Investors Don’t Want To Sell

Keshav Verma
Keshav Verma
6 months ago
2 mins read
Bitcoin

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Bitcoin has set a new all-time high (ATH) beyond the $104,000 mark during the past day, but on-chain data shows investors are still unwilling to sell.

Bitcoin Exchange Netflow Has Remained Negative During Latest Rally

As explained by an analyst in a CryptoQuant Quicktake post, Bitcoin has continued to leave exchanges recently. The on-chain metric of relevance here is the “Exchange Netflow,” which, as its name suggests, keeps track of the net amount of BTC that’s entering into or exiting out of the wallets attached to centralized platforms.

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When the value of this metric is positive, it means the investors are making net deposits to the exchanges. As one of the main reasons why holders use these platforms is for selling-related purposes, this kind of trend can have a bearish implication for BTC.

On the other hand, the indicator being negative implies there are a higher amount of exchange outflows happening than inflows. Such a trend can be a sign that the investors want to hold onto their coins into the long-term, which is something that can naturally be bullish for the asset’s price.

Now, here is a chart that shows the trend in the Bitcoin Exchange Netflow over the last couple of years:

Bitcoin Exchange Netflow
The value of the metric appears to have been red in recent days | Source: CryptoQuant

As displayed in the above graph, the Bitcoin Exchange Netflow has observed significant negative spikes during the last month or so, suggesting some large withdrawals have occurred.

This net outflow spree has come even though the cryptocurrency has observed a massive run to new ATHs. The chart shows that this wasn’t the case during the rally in the first quarter of this year.

Outflows were happening back then for sure, but there were also notable net inflow spikes between them, implying that demand was present for selling the asset.

The recent negative Exchange Netflow has maintained for Bitcoin through the latest rally beyond $100,000, a sign that investors are still unwilling to part with their BTC even at these high prices.

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If this trend continues, it’s possible that this run could still have more room to run. However, it remains to be seen how long holders can stay quiet.

Generally, the higher the investor profits, the more likely they become to participate in a mass selloff. So, with Bitcoin continuing to perform well, it may only be a matter of time before a large profit-taking spree arrives.

BTC Price

Bitcoin has finally broken free of its recent consolidation phase with a more than 7% surge during the last 24 hours. The asset briefly broke above the $104,000 mark in this rally, but its price has since seen a minor pullback to $103,500.

Bitcoin Price Chart
Looks like the price of the coin has rocketed up during the past day | Source: BTCUSDT on TradingView
Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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