Ethereum Deposits At 4-Month High: Whales Preparing For Selloff?

On-chain data shows that the Ethereum exchange netflow recently spiked significantly, a sign that could be bearish for the cryptocurrency’s price. Ethereum Exchange Netflow Registered A Large Positive Spike Recently In a new post on X, the market intelligence platform IntoTheBlock has discussed about the latest trend that has been occurring in the exchange netflow metric for Ethereum. The “exchange netflow” here refers to an on-chain indicator that tracks the net amount of any given cryptocurrency entering into or exiting the wallets associated with centralized exchanges. Related Reading: Injective (INJ) Buy Signal That Led To 700% & 555% Rallies Forms Again When this metric’s value is positive, it means that investors are depositing a net number of tokens on these platforms right now. Generally, one of the main reasons holders may transfer to the exchanges is for selling-related purposes, so this trend can have bearish implications for the asset’s price. On the other hand, the negative indicator implies the exchanges are currently bleeding supply as outflows are outpacing the inflows. Such a trend may be a sign that the investors are accumulating, which can naturally be bullish for the coin. Now, here is a chart that shows the trend in the Ethereum exchange netflow since the start of the year 2024: The graph shows that the Ethereum exchange netflow has registered a positive spike recently. At the height of this spike, the exchanges received 140,660 ETH in net deposits. At the current price of the cryptocurrency, this amount is equivalent to almost $547 million. This is a huge amount and the largest net deposit spree these central entities have witnessed since January. “High inflows to exchanges are typically a sign of selling behavior, as people either try to claim profits or succumb to FUD,” notes the analytics firm. Interestingly, though, since these deposits have come, the asset’s price has increased. This could suggest that either the whales making the inflows haven’t pulled the trigger on selling these coins yet, or they never planned to sell to begin with. Of course, it’s also possible that the market demand has been able to absorb the selling if the whales have indeed sold. In the scenario where the whales made the deposits with the intention of selling but haven’t made the trade yet, Ethereum could feel a bearish effect. Related Reading: Altcoin Season Soon? Quant Says This Ethereum Pattern Could Suggest So It now remains to be seen how the cryptocurrency’s price will develop in the coming days and if these large deposits will play any visible role at all. ETH Price Ethereum had seen a pullback earlier, but the asset has managed to make a recovery, as its price is now once again floating above the $3,900 mark. Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com

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Stablecoin Giant Tether Strikes Gold: Achieves Record Net Profit Of $4.5 Billion In Q1

Stablecoin issuer Tether, a prominent player in the cryptocurrency market behind the widely used USDT stablecoin, has released its audit statement for the first quarter of 2024, accompanied by a report conducted by independent accounting firm BDO.  The report, which provides additional financial information beyond the reserves backing Tether’s fiat-denominated stablecoins, shows the company’s profit for the first quarter of the year, which saw an increased influx of capital into the market.  Tether Q1 2024 Financials Soar Digging into the numbers, the first quarter of 2024 proved highly profitable for Tether, with a net profit of $4.52 billion.  The main contributors, the entities responsible for issuing stablecoins and managing reserves, reportedly generated approximately $1 billion of this profit from net operating gains, primarily from US Treasury holdings. The remaining profits were attributable to mark-to-market gains on Bitcoin (BTC) and gold positions. Related Reading: Bitcoin Price Dips Below $57,000: 4 Key Reasons The report also highlighted Tether’s success in increasing its direct and indirect holdings of US Treasuries to over $90 billion. This includes indirect exposure through overnight reverse repurchase agreements collateralized by US Treasuries and investments in US Treasuries through money market funds. In a sign of significant growth, Tether also disclosed its net equity for the first time, revealing a figure of $11.37 billion as of March 31, 2024. This is an increase from the $7.01 billion equity reported as of December 31, 2023.  The report also highlighted a $1 billion increase in excess reserves, which support the company’s stablecoin offerings, bringing the total to nearly $6.3 billion. CEO Emphasizes Transparency And Stability The BDO confirmation reiterated that Tether-issued tokens are 90% backed by cash and cash equivalents, underscoring the company’s stance on maintaining liquidity within the stablecoin ecosystem. Furthermore, the report revealed that over $12.5 billion worth of USDT was issued in the first quarter alone. Tether Group’s strategic investments, which exceed $5 billion as of the report date, span various sectors, including artificial intelligence (AI) and data, renewable energy, person-to-person (P2P) communication, and Bitcoin Mining.  Related Reading: Machine Learning Algorithm Predicts Dogecoin Price For May 2024 In response to the latest report, Paolo Ardoino, CEO of Tether, expressed the company’s commitment to transparency, stability, liquidity, and responsible risk management.  Ardoino highlighted Tether’s record-breaking profit benchmark of $4.52 billion and the company’s efforts to increase transparency and trust within the cryptocurrency industry. Ardoino further claimed: In reporting not just the composition of our reserves, but now the Groups net equity of $11.37 billion, Tether is again raising the bar in the cryptocurrency industry in the realms of transparency and trust.  Featured image from Shutterstock, chart from TradingView.com

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Bitcoin Miners Receive Inflows Of 7,000 BTC, What Does It Mean?

On-chain data shows that Bitcoin miners have recently received net inflows of about 7,000 BTC. Here’s what this may mean for the asset. Bitcoin Miner Netflow Has Registered A Large Positive Spike As an analyst in a CryptoQuant post pointed out, Poolin mining pool seems to have been behind most of the recent inflows. The relevant indicator here is the “miner netflow,” which measures the net amount of Bitcoin entering or exiting the wallets of all miners. When the value of this indicator is positive, these chain validators are now depositing a net number of coins into their addresses. Such a trend can indicate that the miners are accumulating currently, which can be bullish for the price. On the other hand, values of the metric below zero imply this cohort is taking coins out of their wallets. The main reason why these investors would transfer their coins away from their addresses is for selling-related purposes. Thus, this kind of trend can have bearish implications for the asset. Now, here is a chart that displays the trend in the Bitcoin miner netflow over the past year and a half: The value of the metric seems to have been quite elevated during the past day | Source: CryptoQuant The above graph shows that the Bitcoin miner netflow has observed a pretty large positive spike during the last day or so. With this sharp rise in the indicator, the miners have received 7,000 BTC in their wallets. Related Reading: Bitcoin Rally Hopes Still Alive, If This Metric Is To Go By This is quite an extraordinary amount, as no other spike has come close during the last one and a half years. Naturally, if these net inflows indicate that the miners have been buying, the cryptocurrency could feel a bullish boost. In January, for example, the miners participated in some possible buying, as the netflow registered a significant spike. Following these inflows, the price started its rally. The quant cautions, however, “It is important to note that having such a large influx of BTC into miners’ wallets does not necessarily guarantee a bullish movement in the price of Bitcoin. Similar situations have occurred in the past where there were significant inflows into miners’ wallets, but the price of Bitcoin subsequently declined.” The analyst also points out that 99% of these net flows seem to have involved just one mining pool in the sector: Poolin. The chart below shows the trend in the combined holdings of the miners in this pool. Looks like the metric has spiked recently | Source: CryptoQuant Since the net Bitcoin inflows are mostly to the wallets of this mining pool, it’s unlikely that they represent the sentiment among the wider mining industry, regardless of whether they are a sign of buying or not. Related Reading: XRP Bullish Signal: Address Activity Spikes To Historical Levels From the chart, it’s visible that last month, following the local top in the asset’s price, Poolin appears to have sold many coins. These latest inflows seem to have merely taken their holdings back to levels close to those from before this selling. BTC Price At the time of writing, Bitcoin is trading around $27,800, up 2% in the last week. The asset has surged during the past couple of days | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, CryptoQuant.com

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Stablecoin Cap Shows Early Sign Of Reversal, Why This Could Benefit Bitcoin

Data shows the stablecoin market cap has returned toward equilibrium and may be gearing up for a reversal. Here’s how Bitcoin could benefit from this. Aggregate Stablecoin Market Cap Change Has Returned To Equilibrium According to data from the on-chain analytics firm Glassnode, the aggregate stablecoin market cap had previously been in a decline for around 14 months. The “aggregate stablecoin market cap” here refers to the combined market cap (that is, the total valuation in USD) of the top five stables in the sector. More specifically, the relevant stablecoins in the current discussion are Tether (USDT), USD Coin (USDC), Binance USD (BUSD), Dai (DAI), and TrueUSD (TUSD). The complete supply of these stables is considered here, regardless of how it is distributed among the different blockchains. Related Reading: Bitcoin Rally Stalls As Short-Term Holder Exchange Inflows Intensify Historically, the combined market cap of these assets has held important information for the sector, as it can provide hints about whether capital is flowing into or out of the market right now. To track the flow of capital, Glassnode has looked at the 30-day percentage change in the aggregate market cap of these fiat-tied tokens. Here is a chart that shows the trend in this indicator over the past few years: The value of the metric seems to have approached the zero mark in recent days | Source: Glassnode on Twitter Naturally, when the value of this metric is positive, it means that the top 5 stablecoins have registered net inflows during the last thirty days. On the other hand, negative values imply outflows have taken place in the past month. From the graph, it’s visible that the 30-day percentage change in the aggregate stablecoin market cap was quite positive during the 2021 bull run. This would imply that these assets were constantly seeing an expansion in their supplies in this period. Usually, investors make use of stables whenever they want to escape the volatility associated with other cryptocurrencies. Such holders keep their capital in the form of these assets until they want to buy back into a volatile coin like Bitcoin or withdraw into fiat. Obviously, in the former scenario, the purchasing can have a positive effect on the price of the asset they are shifting into. During bull markets, a ton of capital flows into the sector, which is what helps sustain such rallies. Thus, it’s not a surprise that the stablecoin supply observed expansion during the 2021 bull run. As the bear market began in 2022, however, the indicator’s value decreased toward the zero level, implying that the outflows started to equal the inflows. A confirmed transition toward net outflows then occurred, as the bearish period kicked into full gear. There was a small period during the relief rally in the middle of the year where the 30-day percentage change again approached the zero market. A transition toward inflows, however, failed, and the indicator became negative once more. The negative values have continued until now, meaning that these top stablecoins have been observing net redemptions for 14 straight months. Recently, though, the metric has again neared equilibrium, meaning that there is potential for breaking into the inflows regime. Related Reading: Bitcoin Correlation To Gold, Silver Drops To Cyclical Lows: Glassnode It’s unclear whether this reversal will be complete, or if a rejection will happen like during the aforementioned relief rally. If the stablecoin market cap does begin to see an expansion, then it would be a bullish sign for Bitcoin, as it would mean that there is now more capital present in the market in the form of the stables, which may be used to purchase the asset. BTC Price At the time of writing, Bitcoin is trading around $30,400, up 1% in the last week. BTC continues to move sideways | Source: BTCUSD on TradingView Featured image from CoinWire Japan on Unsplash.com, charts from TradingView.com, Glassnode.com

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BUSD and USDT Netlfow Hints At Another Bearish Crypto Weekend

Stablecoins and their outflow can help determine which direction crypto markets may head in next. If the outflow decreases, there is often a positive price change. Unfortunately, for now, neither BUSD nor USDT offers much hope in that regard.  BUSD and USDT Netflow Aren’t Helping As the crypto markets remain stuck in semi-bearish mode ahead […]

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Ethereum Breaks Above $2,400: This Metric Points To Further Upside

On-chain data shows an Ethereum metric is giving a bullish signal as the cryptocurrency’s price has broken past the $2,400 barrier during the past day. Ethereum Has Continued To Leave Exchanges Recently In a CryptoQuant Quicktake post, an analyst explained the recent relationship between the Ethereum price and data of the exchange netflow indicator. The “exchange netflow” here refers to a metric that keeps track of the net amount of the asset entering or exiting out of the wallets of all centralized exchanges. The indicator’s value is calculated by subtracting the outflows from the inflows. Related Reading: Analyst Reveals Potential Trigger For A 32% Cardano (ADA) Rally When the flow has a positive value, the inflows are overwhelming the outflows right now, and a net number of coins is moving into the custody of these platforms. One of the main reasons investors might deposit their tokens on the exchanges is for selling-related purposes. This trend can potentially have bearish implications for the asset’s price. On the other hand, the negative indicator implies the holders are making net withdrawals from these platforms. Such a trend suggests the investors may be accumulating for the long-term, which would naturally be bullish for the cryptocurrency’s value. Now, here is a chart that shows the trend in the Ethereum exchange netflow, as well as its 14-day exponential moving average (EMA), over the last few months: The value of the metric seems to have been quite red in recent days | Source: CryptoQuant As highlighted by the quant in the above graph, the Ethereum price has observed an overall bullish trend in the last few months as the 14-day EMA exchange netflow has mostly been inside the negative territory. There have been some spikes in the positive region. With these net deposits, the cryptocurrency has usually encountered some degree of resistance, implying that these transfers added to the selling pressure in the market. Recently, the indicator has assumed red values for more than a week straight, suggesting that investors have been constantly making net withdrawals. The scale of the negative spikes has also been quite significant this time, meaning that some whales are involved. Off the back of this potential accumulation from the investors, Ethereum has observed its recovery below the $2,400 level. Since the netflow has continued to be quite negative recently, it’s possible that this rally isn’t all the coin would see; there may still be potential for further upside. Related Reading: Bitcoin Coinbase Premium Is Negative: What It Means For Price Recovery Spikes back into positive territory may be to watch for; however, if the pattern followed in the past few months is to be believed, they may cause the cryptocurrency to hit at least a local top. ETH Price At the time of writing, Ethereum is trading at around $2,420, up more than 6% over the past week. Looks like the price of the asset has shot up over the last few days | Source: ETHUSD on TradingView Featured image from DrawKit Illustrations on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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Ethereum Recovers To $2,800 As Exchange Outflows Near $1 Billion

Ethereum has made a recovery to $2,800 during the past day as on-chain data shows the whales have been making massive withdrawals from exchanges. Ethereum Exchange Outflows Spiked After Price Crash According to data from the market intelligence platform IntoTheBlock, investors reacted to the latest crash in the Ethereum price by making outflows from exchanges. The on-chain indicator of relevance here is the “Exchange Netflow,” which keeps track of the net amount of the cryptocurrency that’s entering into or exiting the wallets associated with all centralized exchanges. Related Reading: Ethereum Leverage Elevated Despite Long Squeeze, Glassnode Says When the value of this metric is positive, it means the holders are depositing a net number of coins into these platforms. As one of the main reasons why investors transfer to the exchanges is for selling-related purposes, this kind of trend can be a bearish sign for the asset’s price. On the other hand, the indicator being negative suggests the outflows outweigh the inflows and a net number of tokens is moving out of the exchanges. Such a trend can indicate that the investors are accumulating, which is something that can naturally be bullish for ETH. Now, here is a chart that shows the trend in the Ethereum Exchange Netflow over the past year: As is visible in the above graph, the Ethereum Exchange Netflow observed a massive negative spike yesterday after the crash in the asset’s price took place. In total, the investors withdrew 350,000 ETH (worth around $982 million at the current exchange rate of the token) from the exchanges in this outflow spree. “This is the highest amount of net exchange withdrawals since January 2024!” notes the analytics firm. Given the timing of the outflows, it would appear likely that they were made by whales looking to buy Ethereum at cheap post-crash prices. The accumulation from the investors has in turn helped the cryptocurrency reach a bottom and make some recovery. Related Reading: Indicator That Foreshadowed XRPs 14% Crash Gives Buy Signal For Solana The Exchange Netflow could now be to keep an eye on in the coming days, as the upcoming trend in it might also influence the ETH price. Naturally, a continuation of the outflows would be a positive sign, while an increase in inflows could spell a bearish outcome. In some other news, the number two stablecoin by market cap, USDC, has seen its transaction count shoot up recently, as IntoTheBlock has pointed out in another X post. “USDC is becoming increasingly popular, with the number of daily transactions increasing by over 119% in the last year!” says the analytics firm. Stablecoins can end up acting as fuel for volatile assets like Ethereum, so increased activity related to them can be a good sign for the market. ETH Price At the time of writing, Ethereum is floating around $2,800, down more than 11% over the last seven days. Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com

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BitMEX Whales Buy Bitcoin: What History Says Will Happen Next

On-chain data shows the Bitcoin price has followed a particular pattern when the BitMEX whales have made large withdrawals. Bitcoin Exchange Netflow For BitMEX Has Seen A Red Spike Recently As an analyst in a CryptoQuant Quicktake post pointed out, the cryptocurrency exchange BitMEX has recently observed significant withdrawals from the whales. The indicator of interest here is the “exchange netflow,” which tracks the amount of Bitcoin entering or leaving any exchange’s wallets. The metric’s value is calculated by subtracting the outflows from the inflows. When the value of this metric is positive, it means that the inflows outweigh the outflows right now, implying that the investors are depositing a net number of coins to the platform. Related Reading: XRP Whales Are On The Move, What Are They Up To? Generally, one of the main reasons holders want to transfer their BTC to exchanges is for selling-related purposes, as this trend can have a bearish impact on the asset’s price. On the other hand, the negative indicator implies net withdrawals are taking place on the exchange. Such a trend can suggest either some fresh buying is occurring or some existing investors are simply transferring the BTC they already own towards self-custody. In either case, the holders withdrawing from the exchange’s custody can be a bullish sign for the cryptocurrency, implying that these investors potentially plan to hold onto their coins for extended periods. Now, here is a chart that shows the trend in the Bitcoin exchange netflow for the BitMEX platform over the last few months: The value of the metric appears to have been quite negative in recent days | Source: CryptoQuant As displayed in the above graph, the Bitcoin exchange netflow for BitMEX has registered large negative values just recently. The investors have withdrawn about 4,000 BTC (equivalent to $168.3 million at the current exchange rate) from the platform during this net outflow spree. The quant has explained that the price of the cryptocurrency and this metric have followed a specific pattern whenever this trend has occurred. Below is a zoomed-out indicator chart showing the previous instances where negative spikes took form. The trend in the BitMEX exchange netflow over the last few years | Source: CryptoQuant “When a significant volume of Bitcoins is observed leaving BitMEX, one of the leading cryptocurrency trading platforms, it often signals the formation of local bottoms in the price of Bitcoin (BTC),” notes the analyst. The graph shows that large net withdrawals also occurred on the exchange right before the current rally in the cryptocurrency’s price began in October of last year. It’s possible that these historical negative spikes in the indicator corresponded to buying from these BitMEX whales, which helped the price bottom out and turned around. Related Reading: Bitcoin Miner Selloff Poses Negligible Impact, Quant Argues Given this historical pattern, the latest net withdrawals may have a similar effect to some degree on the coin. The quant cautions, however, that “it is essential to closely monitor these trends, as large inflows into the exchange can have the opposite effect, potentially leading to a decrease in BTC price.” BTC Price Bitcoin has erased its recent recovery as the asset’s price has returned to the $42,000 mark now. Looks like the price of the asset has returned to an overall sideways trajectory | Source: BTCUSD on TradingView Featured image from Thomas Lipke on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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Bitcoin Sets New ATH Above $104,000, Yet Investors Dont Want To Sell

Bitcoin has set a new all-time high (ATH) beyond the $104,000 mark during the past day, but on-chain data shows investors are still unwilling to sell. Bitcoin Exchange Netflow Has Remained Negative During Latest Rally As explained by an analyst in a CryptoQuant Quicktake post, Bitcoin has continued to leave exchanges recently. The on-chain metric of relevance here is the “Exchange Netflow,” which, as its name suggests, keeps track of the net amount of BTC that’s entering into or exiting out of the wallets attached to centralized platforms. Related Reading: Bitcoin 30-Day Trader Profits Back In Healthy Range, Is BTC Ready For $100,000? When the value of this metric is positive, it means the investors are making net deposits to the exchanges. As one of the main reasons why holders use these platforms is for selling-related purposes, this kind of trend can have a bearish implication for BTC. On the other hand, the indicator being negative implies there are a higher amount of exchange outflows happening than inflows. Such a trend can be a sign that the investors want to hold onto their coins into the long-term, which is something that can naturally be bullish for the asset’s price. Now, here is a chart that shows the trend in the Bitcoin Exchange Netflow over the last couple of years: As displayed in the above graph, the Bitcoin Exchange Netflow has observed significant negative spikes during the last month or so, suggesting some large withdrawals have occurred. This net outflow spree has come even though the cryptocurrency has observed a massive run to new ATHs. The chart shows that this wasn’t the case during the rally in the first quarter of this year. Outflows were happening back then for sure, but there were also notable net inflow spikes between them, implying that demand was present for selling the asset. The recent negative Exchange Netflow has maintained for Bitcoin through the latest rally beyond $100,000, a sign that investors are still unwilling to part with their BTC even at these high prices. Related Reading: Ethereum To $10,000: Analyst Reveals Mid & Long-Term ETH Targets If this trend continues, it’s possible that this run could still have more room to run. However, it remains to be seen how long holders can stay quiet. Generally, the higher the investor profits, the more likely they become to participate in a mass selloff. So, with Bitcoin continuing to perform well, it may only be a matter of time before a large profit-taking spree arrives. BTC Price Bitcoin has finally broken free of its recent consolidation phase with a more than 7% surge during the last 24 hours. The asset briefly broke above the $104,000 mark in this rally, but its price has since seen a minor pullback to $103,500. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com

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Bitcoin To Smash $100,000? Rapid Stablecoin Exchange Inflows Continue

On-chain data shows exchanges have continued to receive stablecoin deposits recently, a sign that could be bullish for Bitcoin and other digital assets. Stablecoin Exchange Netflow Has Remained Positive Recently As pointed out by an analyst in a CryptoQuant Quicktake post, stablecoins have been flowing into exchanges recently. The on-chain metric of relevance here is the “Exchange Netflow,” which keeps track of the net amount of a given asset that’s moving into or out of the wallets associated with centralized platforms. When the value of this metric is positive, it means the investors are making net deposits of the coin to exchanges. Such a trend suggests the holders want to trade the asset away. Related Reading: 54% Of Bitcoin Supply Inactive Since 2 Years Despite 500% Price Jump On the other hand, the indicator being negative implies investors prefer to hold onto the cryptocurrency, as they are taking their tokens off into self-custody. The implication of these trends for the wider sector and the asset itself can be different depending on the exact type of coin that’s witnessing the outflows/inflows. In the case of volatile assets like Bitcoin, a positive Netflow can be bearish for the price, as it means the holders are looking to sell. BTC also acts as one of the main transition points for capital in the sector as a whole, so it being sold can be a bad sign for the rest of the coins as well. Stablecoin deposits also imply traders want to sell them, but since their price always remains stable around the $1 mark, the selling has no ‘bearish’ effect on them. Like Bitcoin, the stablecoins act as a gateway for capital into the sector. More particularly, investors invest their money into the stables whenever they want to avoid the volatility associated with other assets. Such holders usually eventually plan to delve into the volatile coins, and once they are ready, they transfer these fiat-tied tokens into exchanges to make the swap. This naturally acts as buying pressure for whatever asset that they are shifting to. As such, positive stablecoin Exchange Netflows are considered bullish for Bitcoin. Now, here is the chart shared by the quant that shows the recent trend in the Exchange Netflow for the stablecoins: From the graph, it’s visible that the stablecoin exchange netflow has mostly been sitting inside the positive territory for the last few weeks. Alongside these inflows, Bitcoin has been breaking record after record, so it’s likely that these stablecoin deposits have been acting as fuel for the asset. Related Reading: Bitcoin Officially In Overheated MVRV Zone, Rally End Near? The indicator’s value has continued to show strength recently, so it seems the investors aren’t done with their BTC accumulation yet. If the earlier trend continues, the latest stablecoin inflows can elongate the rally and perhaps help the asset to finally break through the $100,000 dream target. Bitcoin Price Bitcoin had seen a plunge under the $96,000 level yesterday, but it appears the coin has already bounced back as its price is now trading around $98,400. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com

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XRP Binance Inflows Spike: What It Means For Price

On-chain data shows the XRP Binance Netflow has spiked to positive levels recently. Here’s what this could mean for the asset’s price. XRP Investors Have Been Depositing To Binance Recently As explained by an analyst in a CryptoQuant Quicktake post, a large amount of XRP deposit transactions have headed to Binance recently. The on-chain metric of relevance here is the “Exchange Netflow,” which keeps track of the net transfers going in or out of a given centralized exchange. The traditional form of this metric measures the difference between the inflow and outflow volume for the platform, but in the context of the current topic, a different version of the indicator is of interest: one that counts the net number of deposit/withdrawal transactions. When the value of the metric is positive, it means there are more inflow transfers happening for the exchange than outflow ones. As one of the main reasons why investors deposit to these platforms is for selling-related purposes, this kind of trend can be bearish for XRP. Related Reading: Cardano Outperforms Market With 50% Surge: Heres Why On the other hand, the indicator being negative implies withdrawals are dominant on the exchange. Such a trend can be a sign that holders are interested in HODLing into the long term, which can naturally have bullish effects on the price. Now, here is a chart that shows the trend in the 30-day moving average (MA) of the XRP Exchange Netflow for Binance over the last couple of years: As is visible in the above graph, the XRP Exchange Netflow for Binance has mostly stayed inside the positive territory during the last two years, which suggests investors have constantly been making withdrawal transactions. Recently, however, the metric appears to have diverged from the norm, as its value has registered a sharp positive spike. The asset has seen a sharp rally of over 54% in the past week, so it’s possible that the traders making the deposits are looking to sell and realize their profits. Now, the main question is, is this selling a potential threat to XRP’s value? The indicator is sitting at 470 right now, which suggests significantly more inflows than outflows. Considering that this is also just the 30-day MA, the peak value is bound to be even higher. Related Reading: Bitcoin Is About To See A Historically-Profitable Crossover In This Metric While this high number of inflow transactions may look like a danger at first glance, it may actually not be so, since it corresponds to activity that’s mostly from the retail investors. Whales don’t tend to leave behind too many transactions, as they prefer to move large amounts with a single transaction. Thus, whenever this version of the Exchange Netflow spikes, it’s a sign that the small holders are depositing. Naturally, there could still be a few whale transfers among these inflows, which can indeed end up having a negative effect on the XRP price. It only remains to be seen, though, which of the scenarios holds true. XRP Price XRP has pulled ahead of the rest of the market with a sharp rally during the past week, which has taken its price to $1.09. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com

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CEO Ardoino On Tether Q3 Performance: $2.3 Billion Gains And What Lies Ahead For The Stablecoin

On Thursday, Tether (USDT), the worlds largest stablecoin issuer, released its third-quarter (Q3) assurance opinion report, revealing substantial financial results amid the broader market recovery led by Bitcoin (BTC).  Total Tether Assets Reach All-Time High Conducted by accounting firm BDO, the report highlights Tether’s growth, with a net profit of $2.5 billion for Q3, contributing [...]

The post CEO Ardoino On Tether Q3 Performance: $2.3 Billion Gains And What Lies Ahead For The Stablecoin appeared first on Crypto Breaking News.

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Tether Smashes Records, $1.48 Billion Profit In Q1- Surplus Over Reserves Hits All-Time High

Tether Holdings Limited, the issuer of the world’s largest stablecoin, USDT, has published its Q1 2023 Assurance Report, attested to by BDO Italia, a top five-ranked global independent public accounting firm. The report re-affirms the accuracy of Tether’s Consolidated Reserves Report (CRR), which details the assets held by the group as of March 31, 2023. [...]

The post Tether Smashes Records, $1.48 Billion Profit In Q1- Surplus Over Reserves Hits All-Time High appeared first on Crypto Breaking News.

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Ethereum Sees $1.4 Billion In Exchange Outflows This Week Strong Accumulation Trend?

Ethereum has faced a challenging start to the year, shedding 15% from its recent local highs and dipping to a low of $3,157. The altcoin leaders decline comes amid heightened market volatility and uncertainty, with many investors reevaluating their positions following the recent selloff. However, despite the downturn, on-chain data suggests that underlying investor sentiment remains robust. Related Reading: Bitcoin Faces Major Deleveraging Analyst Explains Price Crash Below $100K According to data from IntoTheBlock, Ethereum saw significant outflows from exchanges this week, with net outflows surpassing $1.4 billionthe highest level since November. Such activity often signals strong accumulation trends as investors move their holdings off exchanges and into cold storage or other wallets, indicative of long-term confidence in the asset. These substantial outflows underscore Ethereums resilience even amid challenging price action. Analysts are closely monitoring whether these accumulation trends can offset the bearish momentum and spark a recovery in the coming weeks.  With Ethereum trading near critical support levels, the next moves will be pivotal in determining the direction of its price in 2025. As bullish seasonality for altcoins often kicks in during post-halving years, many believe that Ethereum could soon reclaim its upward trajectory, contingent on both market conditions and broader macroeconomic factors. Ethereum Prepares For Rebound Ethereum has shown signs of recovery after its recent drop, now attempting to break above the $3,300 level. The altcoin leader has faced considerable challenges, with a 15% decline from its recent highs putting pressure on bullish sentiment. However, key on-chain metrics indicate that Ethereums fundamentals remain strong, pointing toward potential growth in the coming months. Data from IntoTheBlock, shared on X, highlights a significant development: this week saw net $ETH outflows from exchanges exceeding $1.4 billion, the highest level since November. Such substantial outflows often signal that investors are moving their holdings off exchanges, a behavior typically associated with accumulation. This trend suggests that, despite recent bearish price action, confidence in Ethereum’s long-term potential remains intact. While Ethereums recent price action may appear underwhelming to some, these accumulation trends provide a bullish underpinning for the asset. Historically, large exchange outflows have preceded significant price rallies, as reduced sell-side liquidity can drive upward momentum when demand increases. Related Reading: Dogecoin Testing Key Demand Zone Can DOGE Push Above $0.40? As Ethereum works to reclaim higher levels, breaking above $3,300 could signal the beginning of a more sustained recovery. With strong fundamentals and growing investor confidence, Ethereum appears well-positioned for a potentially bullish 2025. However, the asset must navigate current market volatility to confirm its uptrend. Testing Weekly Demand  Ethereum is trading at $3,250, reflecting ongoing struggles to break above the $3,300 resistance level. The price action remains tentative as ETH tests critical weekly demand levels. This area has historically provided strong support, and if Ethereum manages to close above the $3,100 mark, it could pave the way for a meaningful rebound in the coming days. The current consolidation phase highlights a market looking for direction. For bulls to regain control, Ethereum must break above key resistance levels. Reclaiming the $3,750 mark is crucial to confirm a bullish breakout and signal a potential uptrend. Such a move would not only restore investor confidence but also position ETH to retest higher levels as market sentiment shifts. However, failure to hold the $3,100 demand zone could lead to further downside pressure, with lower support levels likely to be tested. The coming sessions will be pivotal as Ethereum navigates these key levels.  Related Reading: Key Metrics Reveal Bitcoin STH Support Levels Around $89K$86K Is BTC At Risk? With the broader market sentiment in flux, ETHs ability to stay above its critical support zones will determine whether a bullish trend emerges or a prolonged consolidation phase persists. Investors are watching closely as ETH attempts to establish its next significant move. Featured image from Dall-E, chart from TradingView

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