Bitcoin (BTC) Flows Pointed to Bearish Conditions on Aug. 8, 2022

Bitcoin (BTC) exchange flows pointed to bearish conditions on Aug. 8, 2022, as a cumulative measure remained below its 90-day average and transfers still favored Coinbase over derivatives venues. The gauge compared the one-year cumulative amount of Bitcoin moving from Coinbase to derivatives exchanges with a 90-day moving average. Crossings of that average had coincided with Bitcoin price turning points, including tops and bottoms, making the measure a possible marker of shifts in the market cycle. The direction of transfers also shaped the gauge’s interpretation.

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