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Cryptocurrency News Articles

Exchange Netflow Heatmap Reveals Accumulation and Distribution Trends for Altcoins

Oct 16, 2024 at 12:00 am

The Exchange Netflow Heatmap has provided valuable insights into the accumulation and distribution trends for altcoins. Analysis indicates a significant disparity between inflows and outflows.

Exchange Netflow Heatmap Reveals Accumulation and Distribution Trends for Altcoins

Analysis of the Exchange Netflow Heatmap reveals striking disparities in the accumulation and distribution trends for altcoins.

Several altcoins, such as CHZ, AMP, FET, GTC, ALICE, LINK, DAR, ALCX, YGG, SKL, MASK, OGN, SNS, DODO, CRV, BAL, ENJ, GALA, SLP, GHST, UMA, and NMR, are showing signs of bullish sentiment. Higher outflows compared to inflows for these altcoins indicate net accumulation, suggesting that both retail and institutional investors are actively buying up these assets, which could foster potential positive momentum in the market.

On the other hand, bearish sentiment is evident among several altcoins that have higher inflows. Some examples include STORJ, MATIC, SAND, JASMY, BAT, MANA, OMG, HOT, ENS, MKR, BNT, OCEAN, ANKR, COMP, GRT, QNT, TRIBE, ZRX, ILV, ETH, and AAVE. This indicates a distribution phase, suggesting that investors are selling these assets, which could lead to further price declines.

Notably, Bitcoin’s behavior also reflects this bearish trend. There has been a noticeable rise in Bitcoin inflows to exchanges, which could potentially increase selling pressure in the short term. This highlights the importance of monitoring Bitcoin’s movements, as it often influences the broader cryptocurrency market.

Understanding accumulation and distribution dynamics is crucial for investors as the cryptocurrency market changes. Identifying when to buy during accumulation and when to sell during distribution can significantly impact profitability. Therefore, investors should carefully analyze these market signals.

According to Coinmarketcap data, Bitcoin is trading at $65,724.99, with a 24-hour trading volume of $39.3 billion. This 1.77% increase in the last 24 hours shows market resilience.

The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

News source:coinedition.com

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