Bitcoin Exchange Flows See Huge Drop In Address Count — Is A Mammoth Crash Coming? ⋆ ZyCrypto - BitcoinEthereumNews.com
A Mammoth Price Correction？ The address count on BTC exchange flows has dropped significantly since the start of April, according to CryptoQuant. The exchange flow, which involves both outflows and inflows, is a metric that has served as a good indicator of the assets price action. According to the analytics firm, Bitcoin is strongly correlated with this on-chain metric. Significant drops in this metric have also led to corresponding price corrections of the leading digital asset by market cap. Notably, CoinShares on Tuesday also reported that Bitcoin investment products had seen outflows for the second consecutive week. According to the firm, Bitcoin had seen outflows of $73 million. However, CoinShares data also reveals that short-sellers have closed their positions, a possible positive for the asset in the short term. Presently, Bitcoin is trading at around the $39,586 price point, down 6% from its opening price yesterday. विज्ञापन n n n According to CryptoQuant, in a bullish scenario, it could mean that the market has already priced in the drop in exchange flow address count, and we will see an increase in inflows and outflows. But, on the other hand, the crypto asset may experience a more serious price correction. Bitcoin Not Yet Seen By A Majority Of Investors As