Fabio Amaya
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$BTC The price of Bitcoin has managed to stay afloat in recent days despite the growing conflict in the Middle East and the resulting downward pressure. The leading cryptocurrency continues to hover around $105,000, with a decrease in its value of only 0.8% in the last week.
According to the latest on-chain data, it is possible that the price of Bitcoin will not drop for much longer, as investors seem unfazed by the rising tensions between Israel and Iran. Below is what BTC investors have been doing since military actions began last week.
In a Quicktake post on the CryptoQuant platform, a pseudonymous on-chain analyst, CryptoMe, revealed that the Bitcoin market has remained relatively calm despite ongoing geopolitical events. The relevant indicators here are the net flow of Bitcoin on exchanges and open interest.
The net flow of Bitcoin on exchanges measures the difference between Bitcoin sent to and withdrawn from centralized exchanges. Normally, this metric helps gauge the selling pressure on a particular cryptocurrency.
Since one of the services that exchanges offer is selling, inflows to exchanges are often seen as a bearish signal for the price of Bitcoin. However, there has been no significant change in the net flow, which means that investors are not looking to get rid of their assets.
According to the latest on-chain data, it is possible that the price of Bitcoin will not drop for much longer, as investors seem unfazed by the rising tensions between Israel and Iran. Below is what BTC investors have been doing since military actions began last week.
In a Quicktake post on the CryptoQuant platform, a pseudonymous on-chain analyst, CryptoMe, revealed that the Bitcoin market has remained relatively calm despite ongoing geopolitical events. The relevant indicators here are the net flow of Bitcoin on exchanges and open interest.
The net flow of Bitcoin on exchanges measures the difference between Bitcoin sent to and withdrawn from centralized exchanges. Normally, this metric helps gauge the selling pressure on a particular cryptocurrency.
Since one of the services that exchanges offer is selling, inflows to exchanges are often seen as a bearish signal for the price of Bitcoin. However, there has been no significant change in the net flow, which means that investors are not looking to get rid of their assets.
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