Cryptocurrency News Today: Bitcoin analysts show ‘apparent relationship’ between exchange flow and price
There’s less Bitcoin BTC flowing in and out of Cryptocurrency exchanges lately, which indicates calm from those who’ve been keen to profit from its price movements — especially when compared to levels recorded in June and July.
“It’s clear there were significant net outflows during the big rally in the second quarter of 2019, as bullish sentiment really started picking up and individuals were moving Bitcoin off exchanges because they had no intention of selling in the immediate future,” said the firm.
42% of ‘inflowing’ Bitcoin during July and August went to Binance
The firm found that more than 42 percent of the total volume sent to these exchanges in August and July ($4.4 billion) went directly to Binance.
“The relationship between Bitcoin price and flows is pretty apparent. Price rallies were typically accompanied by sizable inflows to exchanges as individuals looked to take profit,” said Delphi Digital.