Bitcoin Inflow on Exchanges Touches “Danger Zone” as Price Nears $16K

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Influential Bitcoin traders are moving their funds into spot exchanges as the cryptocurrency rallies towards $16,000. Ki-Young Ju, chief executive of data aggregation service CryptoQuant, said in a tweet that All Exchange Inflow Mean, an average of bitcoin deposits across the global cryptocurrency trading platforms, spiked above 2 BTC on Friday. The metric alerted about an increased activity among the so-called “whales,” pointing to a sell-off in the short-term. “I’d recommend to keep on eyes on this chart [below] to time when to sell BTC,” said Mr. Ju. Bitcoin exchanges’ fund balance recovers after the overnight price rally. Source: CryptoQuant The analyst’s bearish outlook took cues from an early price-inflow correlation. The Bitcoin inflow into exchanges last touched 2 BTC on October 28. On the same day, the BTC/USD exchange rate slipped by 3.62 percent. In retrospect, analysts treat a surge in exchanges’ BTC balance as bearish. That is because…

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