Unusual amount of rejected shares but low OC?
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Quant explains how there may be a correlation between the Gemini Bitcoin netflow and BTC price tops, based on pattern of the last few years. Can Gemini Netflow Predict Bitcoin’s Price Tops? As posted by an analyst on CryptoQuant, the historical chart for the Gemini netflow (30-day MA) vs the price reveals there could be a correlation between the indicator and BTC tops. The Bitcoin netflow here refers to the net number of coins exiting or entering the crypto exchange Gemini. The indicator’s value is simply calculated by taking the difference between the inflows and the outflows. When the netflow takes negative values, it means more BTC is moving out of the exchange than in. During such periods, investors are withdrawing their coins to personal wallets, either for hodling or for selling through OTC deals. Similarly, positive values imply that investors are moving their Bitcoin to exchanges for altcoin purchasing or withdrawing to fiat. The below chart shows the trend for the Gemini BTC netflow over the past few years after applying a 30-day moving average (MA): The correlation between the BTC price and the Gemini netflow | Source: CryptoQuant The above chart highlights certain time periods in the history of Bitcoin versus the trend of the indicator then. Here is a breakdown: The first period is 2017. The indicator showed a local top and started declining 5 days before the then price ATH was achieved. Related Reading | Forget Walmart, Here’s The Real Reason Why Bitcoin Crashed Next is 2019, where a similar trend seems to have been followed. Here, the BTC price peak wasn’t made until 23 days after the Gemini netflow started declining. Then there is 2020, which had two instances where the pattern followed. And finally, the indicator was also able to correctly predict the 2021 ATH as well as the top of the latest rally. Related Reading | Bitcoin Exchange Reserves Lowest In 3 Years, What Does It Mean For The Price? The chart reveals all these peaks were attained after an average of 20 days from the netflow local top, with the latest high taking the longest (26 days). Going by these cases, there does seem to be a correlation between the Gemini netflow declining after forming a peak and the Bitcoin price top. BTC Price At the time of writing, Bitcoin’s price floats around $46.7k, down 0.1% in the last 7 days. Over the past month, the indicator has gained 1.3% in value. Here is a chart showing the trend in the price of the coin over the last three months: BTC’s price shows high volatility | Source: BTCUSD on TradingView Over the last few days, Bitcoin’s value has shown a lot of volatility, and at the moment, it seems to be going back up. Some indicators suggest that BTC’s next move up could very well be the last for this run.
edit: this is my research/opinion, you could indiffer. Yes, I am fond of this project but I'm not invested into them as I am unable to atm. To me Stellar is one of the most promising payment-oriented blockchains right now. They've formed quite a lot of partnerships & have been upgrading their network diligently. This…
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Jump Trading Group, a data and research-driven trading business in operation for more than twenty years, today announced the formal launch of Jump Crypto, a dedicated unit focused on the development of blockchain ecosystems and cryptocurrency. Kanav Kariya has been appointed President of Jump Crypto. As founding code contributors to projects such as the Pyth…
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After a flash crash, last Tuesday as El Salvador officially made Bitcoin legal tender, the leading cryptoasset has steadied around $45K. What was expected to be a historic day of celebration became one of the most volatile days of the year. The party was cut short by technical problems, and Bitcoin dropped by $10K in a matter of hours. It then clawed back losses over the next few days as Panama revealed its own Bitcoin legislation and Ukraine moved ahead with legalization. Only a few altcoins had the strength to swim against the bearish tide: Tezos pushed 30% higher on the launch of an NFT collection from American rapper Doja Cat, and Algorand added an astonishing 60% on the back of a new DeFi fund. This Week’s Highlights Algorand adds 60% in defiance of market downturn Cardano falls on smart contract debut Algorand adds 60% in defiance of market downturn As the crypto market turned red, Algorand came up green. The token topped $2.50 on Sunday, marking year-to-date gains of more than 630%. The rally was driven by a flurry of positive news, including the announcement of a DeFi fund that aims to put $300 million towards helping Algorand contend with Ethereum and other smart contract platforms. Only two weeks ago, Algorand was hitting headlines for another big announcement, as it was selected by El Salvador for the development of its government blockchain infrastructure. Cardano falls on smart contract debut Weeks of consecutive wins have made Cardano the third-largest cryptoasset by market cap, but it fell 12% this week on the long-awaited launch of smart contracts. The Alonzo hard fork went off without a hitch on Sunday. This marks Cardano’s most significant technical upgrade yet and lays the foundations for a new era of DeFi smart contracts and non-fungible tokens (NFTs) on the blockchain. According to eToro Crypto Market Analyst Simon Peters, “this critical upgrade could lead Cardano to take some market share away from ‘competing’ networks such as Ethereum, and potentially lead to “appreciation of the price of ADA.” Week Ahead Although Bitcoin has fallen over 10% since last week, El Salvador’s adoption is likely to have a bullish effect in the long term. This is the view of Bloomberg’s September Crypto Outlook, which suggests that $100K price levels for BTC represent “the path of least resistance.” In the short-term, markets are braced for the release of the Consumer Price Index (CPI) on Tuesday. This could give a clearer indication of U.S. inflation levels, potentially revealing the macroeconomic landscape that Bitcoin will need to navigate over the next few months. Image by Wolfgang Borchers from Pixabay
RGT, CRV and SNX saw double-digit rallies after new governance proposals and migrations to layer-2 platforms.
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“High, unpredictable fees can make crypto trading really dangerous for people who aren’t rich,” said Senator Warren.
