Just a short summary of last weeks crypto flows into and out of exchanges.
For BTC: $21.4B in, $19.1B out, resulting in Net Flow of +$2.2BM
Due to twitter FUD and overall bearish news tone BTC volatility rose highly in the past week. Outflows increased comparing to the previous week, but were no match for huge inflows - supply of BTC on the exchanges increased quite a lot and price action looks worrying.
For ETH: $11.4B in, $14.1B out, resulting in Net Flow of -$2.7B
While ETH price dropped significantly from ATH the flow of tokens seems even more bullish than before. Both in and out flows are bigger than in the previous week but a very strong trend of ETH leaving the exchanges continues and is even stronger than it was.
For USDT: $10.1B in, $9.8B out, resulting in Net Flow of +$305.8M
Flows of USDT remain to be rather balanced, this week with a bit of a bullish inflow, which almost exactly equals the previous week bearish outflow.
As a reminder:
BTC and ETH flowing into exchanges is considered bearish, under the assumption such assets will be sold increasing the supply and pushing the price down.
Opposite is true for flows out of exchanges - it is considered bullish since this limits the supply available for buyers, so should result in prices of BTC and ETH rising.
With USDT directions are reversed. It is a stablecoin so its movement don't reflect on its price (always $1), but inflow of USDT to exchanges is perceived as an increasing demand for other crypto and outflow from exchanges as a bearish sign, since there is less "money" that could potentially buy other crypto.
May your coins be like cats - eager to climb and unable to come down,
Cryptocat
All tips go to cat treats and catnip :)
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This is not a financial advice – I’m no financial adviser, nor is this a legal advice – although I’m a lawyer. This is no advice at all, seriously, don’t take advice from random cats – the Internet is full of them! DYOR!
