Just a short summary of last weeks crypto flows into and out of exchanges.
For BTC: $7.6B in, $8.8B out, resulting in Net Flow of -$1.2B
The Net Flow has changed to highly negative for the first time since the dip in May which is a bullish sign. Seems the market is regaining faith in BTC and is doing the shopping while low prices last.
For ETH: $3.5B in, $5.3B out, resulting in Net Flow of -$1.8B
Nothing new to report - ETH keeps leaving the exchanges at a very high pace. Both inflow and outflow got significantly smaller but the tendency is clear.
For USDT (ERC20): $6.2B in, $6.2B out, resulting in Net Flow of -$35.1M
Very balanced forces drive the supply of USDT - with such minimal difference this should be interpreted as a sign that the market remains uncertain. Still it's a better reading than in a previous week, when USDT was clearly leaving the exchanges.
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
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