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Category: Gemini

Quant Explains How Gemini Netflow Can Predict Bitcoin Tops

Quant explains how there may be a correlation between the Gemini Bitcoin netflow and BTC price tops, based on pattern of the last few years. Can Gemini Netflow Predict Bitcoin’s Price Tops? As posted by an analyst on CryptoQuant, the historical chart for the Gemini netflow (30-day MA) vs the price reveals there could be a correlation between the indicator and BTC tops. The Bitcoin netflow here refers to the net number of coins exiting or entering the crypto exchange Gemini. The indicator’s value is simply calculated by taking the difference between the inflows and the outflows. When the netflow takes negative values, it means more BTC is moving out of the exchange than in. During such periods, investors are withdrawing their coins to personal wallets, either for hodling or for selling through OTC deals. Similarly, positive values imply that investors are moving their Bitcoin to exchanges for altcoin purchasing or withdrawing to fiat. The below chart shows the trend for the Gemini BTC netflow over the past few years after applying a 30-day moving average (MA): The correlation between the BTC price and the Gemini netflow | Source: CryptoQuant The above chart highlights certain time periods in the history of Bitcoin versus the trend of the indicator then. Here is a breakdown: The first period is 2017. The indicator showed a local top and started declining 5 days before the then price ATH was achieved. Related Reading | Forget Walmart, Here’s The Real Reason Why Bitcoin Crashed Next is 2019, where a similar trend seems to have been followed. Here, the BTC price peak wasn’t made until 23 days after the Gemini netflow started declining. Then there is 2020, which had two instances where the pattern followed. And finally, the indicator was also able to correctly predict the 2021 ATH as well as the top of the latest rally. Related Reading | Bitcoin Exchange Reserves Lowest In 3 Years, What Does It Mean For The Price? The chart reveals all these peaks were attained after an average of 20 days from the netflow local top, with the latest high taking the longest (26 days). Going by these cases, there does seem to be a correlation between the Gemini netflow declining after forming a peak and the Bitcoin price top. BTC Price At the time of writing, Bitcoin’s price floats around $46.7k, down 0.1% in the last 7 days. Over the past month, the indicator has gained 1.3% in value. Here is a chart showing the trend in the price of the coin over the last three months: BTC’s price shows high volatility | Source: BTCUSD on TradingView Over the last few days, Bitcoin’s value has shown a lot of volatility, and at the moment, it seems to be going back up. Some indicators suggest that BTC’s next move up could very well be the last for this run.
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Huge Bitcoin Inflow To Gemini Behind The Drop To $38k?

On-chain analysis shows that crypto exchange Gemini observed huge Bitcoin inflows just before the plunge down to $38k. Huge Bitcoin Inflows To Gemini As pointed out by a CryptoQuant post, crypto exchange Gemini saw huge inflows earlier today resulting in a positive spike in the netflows. Before examining the data, here are some quick definitions for the relevant terms. The exchange inflow is the amount of BTC sent from personal wallets to the exchange platform. Similarly, the outflow is the BTC that was transferred out of exchanges to personal wallets. The netflow is just the difference between the value of the inflow and the outflow. When the value of the netflow is positive, it means more BTC is entering the exchange than exiting. Such a  spike would mean that investors want to sell off their Bitcoin, and thus there is a selling pressure in the market. On the other hand, when this indicator is negative, it implies a buying pressure in the market as more BTC is traveling out of exchanges than in. Now, here is how the Bitcoin netflow chart for the Gemini crypto exchange looks like: The Gemini BTC netflow notices a huge positive spike | Source: CryptoQuant As the above graph shows, Gemini has just witnessed a spike in the Bitcoin netflow. Interestingly, BTC’s price plunged down to $38k from just under $40k right after these inflows. Related Reading | 8 Green Candles: Here’s What Happened The Last Time In Bitcoin The chart also shows that the other big positive netflows also seem to have been followed by drops in the crypto’s price. This does make it seem like there is a correlation between the netflows on Gemini and BTC’s price. BTC Price At the time of writing, the Bitcoin price floats around $k, up % in the last 7 days. The cryptocurrency’s gains for the month are around %. Here is a chart that shows the trend in the price of BTC over the last 24 hours: BTC witnesses a sharp fall from about $40k to $38k | Source: TradingView After being range bound for quite the while, Bitcoin finally saw some significant price movement as its price touched $40k. The cryptocurrency has seen 9 up days, something the coin hasn’t seen since 6 years ago. However, today it seems like BTC has finally dropped a little so today won’t be a positive day. As explained before, this plunge down to $38k is likely due to the Gemini inflows. Related Reading | TA: Ethereum (ETH) Outpaces Bitcoin, Why Bulls Aim Larger Increase In the past, there have been similar instances where Gemini inflows caused sharp downtrends. However, they don’t necessarily mean a drop will happen. It could still be worth keeping an eye on the crypto exchange’s netflow for any possible hints, nonetheless.
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Gemini Unveils Plan To Offset Bitcoin’s Carbon Footprint

Top US Crypto exchange Gemini is looking to address Bitcoin’s energy concerns through its latest initiative. Gemini Launches Gemini Green To offset Bitcoin’s carbon emissions, Gemini announced a long-term initiative called Gemini Green. Through this initiative, the Bitcoin exchange plans to purchase carbon permits for nearly 350,000 metric tons of carbon. This would mark a […]

The post Gemini Unveils Plan To Offset Bitcoin’s Carbon Footprint first appeared on BitcoinExchangeGuide.

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Just-In: Gemini Buys $4 Million in Carbon Credits to cut Carbon Footprint of Bitcoin Transactions

Winklevoss twins-owned Gemini crypto exchange has purchased $4 million in carbon credits to offset the carbon footprint generated by Bitcoin transactions under its custody. The crypto exchange has also created a subsidiary in the form of Gemini Green in association with a non-profit organization Climate Vault, Gemini will donate the purchased amount to the climate

The post Just-In: Gemini Buys $4 Million in Carbon Credits to cut Carbon Footprint of Bitcoin Transactions appeared first on Coingape.

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Are These The 6 Richest People In The Crypto Industry ?

There’s a lot of money in the crypto industry, that much is for sure. And we’re at a stage in which there are projects that are advanced enough for their creators to have already reaped the benefits. And then, there’s Bitcoin. Early adopters and believers, extremely long-term hodlers, are sitting on a fortune. Who’s made […]
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Cryptocurrency Exchange Gemini Acquires Crypto Custody Firm Shard X

Cryptocurrency exchange Gemini has acquired cryptocurrency custody specialist Shard X. Per an official blog post, Gemini disclosed that it would use Shard X’s multi-party computation (MPC) technology to speed up its efficiency. Gemini To Use Shard X’s MPC Technology The technology would help increase the speed at which the exchange transfers customer assets on its […]

The post Cryptocurrency Exchange Gemini Acquires Crypto Custody Firm Shard X first appeared on BitcoinExchangeGuide.

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