Despite Dip To $44K, On-chain Data Suggests Bitcoin Still Bullish

On-chain data shows Bitcoin netflows are still deeply negative, a sign that means BTC remains bullish. This is despite the dip to $44k. Exchanges Observe Deeply Negative Bitcoin Netflow As per a CryptoQuant post, the Bitcoin netflow indicator has been deeply negative recently, suggesting that signs are still overall bullish for the market. Related to the netflow are two other indicators, the outflow and the inflow. The first one is defined as the total amount of BTC flowing out of exchanges towards personal wallets. Related Reading | Hot Bitcoin Summer. But Why Altcoins Are On The Rebound When the value of this metric goes up, it means more investors are interested in hodling or selling through OTC deals. The inflow indicator is just the opposite; it is the amount of Bitcoin moving from personal wallets to centralized exchanges. When the value goes up, it implies more investors want to sell their coins or exchange for altcoins. The netflow is calculated by subtracting the inflow from the outflow. When this indicator has a negative value, it indicates there are more outflows happening than the inflows. Such a situation could signify there is a buying pressure in the market. Related Reading | Will Ethereum Reach Its All-Time-High Before Bitcoin? On the other hand, a positive value happens when inflows are overwhelming the outflows. Thus, a positive value could mean there is a buying pressure in the market. Now, here is...