Flowing From This Crypto Money To The Exchanges! Billionaire Said ‘Run’!

According to on-chain and financial measurement platform Glassnode, whale inflows to crypto exchanges maintained a high trend of inflows of between 4,000 and 6,500 Bitcoins per day during June and July of this year. This is a significant change from historical net flow rates that have oscillated between 5,000 BTC and -5,000 BTC in 30 days over the past five years. Here are the details…

Pioneering cryptocurrency piles up on exchanges

According to a tweet from the platform, BTC whale net flows to exchanges could act as an indicator for its impact on supply and demand. Because Glassnode shared a screenshot summarizing the whale stock market flows in July. In the shared example, the entry from the whale to the stock market was 11,900 Bitcoin per day, while the exit was -6,900 BTC per day, reaching a total net flow of 5,000 BTC per day. Crypto traders use Bitcoin net flow metrics to gauge investor sentiment. They also use it to detect when Bitcoin whales plan to hold or liquidate their coins. The whales transferring their crypto assets to crypto exchanges is seen as a sign that they want to sell or trade them.

Conversely, there is a belief that when Bitcoin whales withdraw their coins from exchanges, they may be moving them to a safer storage. This shows that they may be willing to keep them for a long time. Based on this logic, Glassnode’s data showing a steady and relatively increasing entry into exchanges can provide insight into the current market situation. It might explain why Bitcoin maintained a slight downward momentum for most of June and July of this year.

Mike Novogratz supported the purchase of Bitcoin

While transferring BTCs to exchanges, a comment came from billionaire Mike Novogratz. Famous billionaire investor and investment expert Mike Novogratz once again emphasized the bullish stance on Bitcoin (BTC) after a surprising statement regarding the US interest payments. In response to recent reports that the US hit a staggering $970 billion in interest payments in Q2, an increase of $41 billion, Novogratz made a resounding call on Twitter. The staggering growth in interest payments in the US economy has raised concerns among experts, who predict it may soon reach the $1 trillion mark.

Interest payments are increasingly being financed through debt issuance, as tax revenues continue to lag behind the rapid growth in government debt. This creates a troublesome cycle. Novogratz has expressed his support for the cryptocurrency many times. Earlier this month, he urged investors to buy BTC when the United States’ national debt surged by an alarming $1 trillion between June and July. Despite his cautious view of the economy, Novogratz remains optimistic about the future of Bitcoin. According to his analysis, BTC is preparing for another growth wave after a consolidation phase in the $28,000 to $32,000 range. However, he believes that for this expected volatility to occur, the FED must make a significant policy change by starting to lower interest rates.