Bitcoin Turns Bearish As Whales Sell-Off On Gemini

On-chain data may suggest huge Bitcoin inflows to crypto exchange Gemini might be the reason behind the recent dip. Huge Bitcoin Inflows To Crypto Exchange Gemini As pointed out by a CryptoQuant post, these BTC inflows to Gemini might be the reason for the current downwards trend in the crypto’s price. The Bitcoin inflow is an indicator that shows the amount of BTC transferred into exchange wallets. The opposite metric is called the outflow. The difference between the inflows and outflows gives the exchange netflow. When this indicator’s value is positive, it means inflows are outweighing outflows. While on the otherhand, if the netflow is negative, it implies more Bitcoin is moving out of exchanges than in. Now, here is a chart for the BTC Gemini netflow: Gemini received huge inflows shortly before the price dip | Source: CryptoQuant As the graph shows, the BTC price started moving down as soon as Gemini started noticing negative spikes in the netflow. The reason behind the dip is that big inflows mean whales are sending their coins to the exchange for selling purposes/altcoin purchasing. Related Reading | S2F Creator Beckons Beginning Of Second Leg Of Bitcoin Bull Run However, as the graph shows, big inflows aren’t the only necessary condition for the price to go down. There are two other indicators that influence the price, namely the BTC spot reserves and the stablecoins issued metric. The spot ...