There is an abundance of exciting metrics regarding cryptocurrencies.  The overall exchange flow for Bitcoin has been mainly negative, even though fewer people hold 100 BTC or more. Additionally, it seems USDC’s netflow is going negative, too, indicating the bear market may not be over just yet. 

Where Is Bitcoin Going?

The recent market setback came as a big surprise to many traders and speculators. After a seemingly calm run-up to $49,000 and higher, Bitcoin appeared to be in a good place for a while. Unfortunately, that momentum didn’t last, and all markets lost roughly 10% or more in the past few days. Volatility is the name of the game in crypto land, although many had expected something a bit more optimistic. 

Turning the ship around can happen at any given moment. Several market trends and metrics seem to hint at an imminent change in momentum. However, that doesn’t automatically mean anything will happen to the BTC value. For example, if there are fewer BTC on exchanges, chances of a price reversal will increase but are never guaranteed to happen.

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Source: Viewbase

The most promising metric is the overall exchange flow. Viewbase confirms this past week has been positive for Bitcoin in that regard. Nearly 16,000 BTC in the red shows people are withdrawing more BTC than they deposit. Although this number could – and perhaps, should – be much higher, it is still a remarkable development given the market circumstances.  

What is even more remarkable is how some of the bigger whales may be cashing out. More specifically, fewer addresses are holding 100 BTC or more. There is no official explanation or reasoning behind this trend, as it can happen at any given moment. However, reaching a five-year low is a bit problematic, even if this number has been dwindling since late 2018. Additionally, there are still 15.867 addresses holding 100 BTC or more; thus, there is no reason for panic either. 

What About The USDC Netflow?

When crypto prices go down, many people automatically look at the stablecoin netflow. An influx of USDT, USDT, BUSD, or other currency can mean an imminent price reversal. So far, it seems USDC will not be of too much help to Bitcoin just yet. Its exchange net flow has reached a one-month low of negative 3.58 million USDC. A surprising development given the current prices, although anything can and will happen in this industry. 

Source: Glassnode

Whether that is a sign of a continuing bear market remains a big mystery. SUDC is not the most-used stablecoin, yet this one-month low netflow is intriguing. People may be pulling more money out of crypto again for a wide variety of potential reasons. Additionally, there is a chance this is a minor blip on the radar before things return to normal. The unpredictable nature of crypto assets makes it challenging to draw any conclusions.