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Ethereum Bullish Signal: 800k ETH Exits From Gemini

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Ethereum Bullish Signal: 800k ETH Exits From Gemini

On-chain data shows around 800k ETH has exited wallets of the crypto exchange Gemini, a sign that could prove to be bullish for Ethereum.

Crypto Exchange Gemini Observes outflows Of 800k ETH

As pointed out by an analyst in a CryptoQuant post, the Ethereum exchange reserve has plunged down to lows not seen since 2018.

The “all exchanges reserve” is an indicator that measures the total amount of Ethereum currently stored on wallets of all centralized exchanges.

When the value of this metric goes down, it means the number of coins on exchanges are going down. Such a trend, when prolonged, can be a sign of accumulation from investors, and hence can be bullish for the price of the crypto.

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Related Reading | Bitcoin NUPL Shows Average Holder Back In Profit, But For How Long?

On the other hand, an increase in the reserve implies users are depositing their coins right now. Since investors usually transfer to exchanges for selling purposes, this kind of trend can have bearish consequences for ETH.

Now, here is a chart that shows the trend in the Ethereum all exchanges reserve over the last couple of months:

The value of the indicator seems to have plummeted down over the past 24 hours | Source: CryptoQuant

As you can see in the above graph, the Ethereum exchange reserve has observed a crash in the last day as a large number of coins have been withdrawn.

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The chart also includes data for the “netflow,” which tells us about the amount of ETH entering or exiting exchange wallets (or more simply, it measures the changes in the exchange reserve). Its value is calculated by taking the difference between the inflows and the outflows.

Related Reading | Short Positions Over $165 Million Get Liquidated Following The Bitcoin And Ethereum Uptrend

This indicator has shown a huge negative spike recently, a trend which makes sense given the exchange reserve has plunged down.

The quant notes that these withdrawals took place on the crypto exchange Gemini and amounted to around 800k ETH.

Gemini is popularly known to be used by whales. In the past, transfers to and from the exchange have usually had a noticeable impact on the market.

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As such, such a large number of coins exiting from the exchange can mean Ethereum’s near term outlook might be bullish.

ETH Price

At the time of writing, Ethereum’s price floats around $1.6k, up 13% in the last seven days. Over the past month, the crypto has gained 45% in value.

The below chart shows the trend in the price of the coin over the last five days.

Looks like the value of the crypto has been moving sideways during the last few days | Source: ETHUSD on TradingView
Featured image from Bastian Riccardi on Unsplash.com, charts from TradingView.com, CryptoQuant.com
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Bitcoin

Bitcoin Falls Below $30k As 10k BTC Flow Into Gemini

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Bitcoin Falls Below $30k As 10k BTC Flow Into Gemini

On-chain data shows crypto exchange Gemini observed around 10k BTC in inflows yesterday as Bitcoin’s price declined below $30k.

Bitcoin Exchange Inflows Spike Up As BTC Price Falls Down

As pointed out by an analyst in a CryptoQuant post, selling on exchanges like Gemini, Binance, and Huobi looks to have been behind the latest drop in the crypto’s price.

The “exchange inflow” is an indicator that measures the total amount of Bitcoin moving into wallets of all exchanges.

When the value of this metric surges up, it means exchanges are receiving a high amount of coins at the moment.

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Such a trend can be bearish for the value of the coin as investors usually deposit their crypto to exchanges for selling purposes.

Related Reading | Bitcoin Observes Longest Stretch Of Extreme Fear Since April 2020

On the other hand, low values of the inflow can suggest that a healthy amount of selling may be going on in the market. Depending on the value of the outflows (the opposite indicator), this kind of trend can prove to be either neutral or bullish for the price of BTC.

Now, here is a chart that shows the trend in the Bitcoin exchange inflows over the past couple of weeks:

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It seems like Gemini saw the heaviest amount of inflows yesterday | Source: CryptoQuant

As you can see in the above graph, the Bitcoin exchange inflow spiked up to high values yesterday as the price of the crypto slipped down below $30k.

In the chart, the quant has also included data for the individual contributions from crypto exchanges Binance, Huobi, and Gemini, to the total inflows.

Related Reading | Bitcoin LTHs Realized Significant Losses Recently, Final Capitulation Here?

It looks both Binance and Huobi saw around 1k to 1.2k BTC in inflows yesterday, while Gemini observed a huge spike of more than 10k BTC.

This would suggest that out of all the exchanges, Gemini saw the heaviest Bitcoin selling over the past twenty-four hours.

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BTC Price

At the time of writing, Bitcoin’s price floats around $29.7k, up 5% in the last seven days. Over the past month, the crypto has lost 23% in value.

The below chart shows the trend in the price of the coin over the last five days.

Looks the value of the crypto has plunged down over the last twenty-four hours | Source: BTCUSD on TradingView

Bitcoin looked to be gaining some footing over the $31k mark over the last few days for the first time in almost a month, but yesterday the price once again tumbled down.

At the moment, it’s unclear whether the selloff is over, or if the crypto will experience further decline in the near term.

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Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

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