Huge Bitcoin Inflow To Gemini Behind The Drop To $38k?

On-chain analysis shows that crypto exchange Gemini observed huge Bitcoin inflows just before the plunge down to $38k. Huge Bitcoin Inflows To Gemini As pointed out by a CryptoQuant post, crypto exchange Gemini saw huge inflows earlier today resulting in a positive spike in the netflows. Before examining the data, here are some quick definitions for the relevant terms. The exchange inflow is the amount of BTC sent from personal wallets to the exchange platform. Similarly, the outflow is the BTC that was transferred out of exchanges to personal wallets. The netflow is just the difference between the value of the inflow and the outflow. When the value of the netflow is positive, it means more BTC is entering the exchange than exiting. Such a spike would mean that investors want to sell off their Bitcoin, and thus there is a selling pressure in the market. On the other hand, when this indicator is negative, it implies a buying pressure in the market as more BTC is traveling out of exchanges than in. Now, here is how the Bitcoin netflow chart for the Gemini crypto exchange looks like: The Gemini BTC netflow notices a huge positive spike | Source: CryptoQuant As the above graph shows, Gemini has just witnessed a spike in the Bitcoin netflow. Interestingly, BTC’s price plunged down to $38k from just under $40k right after these inflows. Related Reading | 8 Green Candles: Here’s What Happened The Last Time In Bitcoin ...