On-chain data suggests there may have been a strong correlation between the Bitfinex Reserve and the Bitcoin price during the crash to $35k.
Bitfinex Reserves Rose Sharply As BTC Price Plunged Down To $35k
As pointed out by an an analyst in a CryptoQuant post, the movement in the Bitfinex reserve seems to have had an impact on the Bitcoin price recently.
The relevant on-chain indicator here is the “derivatives exchange reserve,” which measures the total amount of BTC held in wallets of a derivatives exchange.
The exchange in focus here is Bitfinex so the metric is called “Bitfinex Reserve.” When the value of this indicator rises, it means more coins are being deposited to the exchange. Such a trend may be bearish as the supply of Bitcoin on exchanges usually indicates the selling supply.
Kita vertus, kai rezervo vertė krenta žemyn, tai reiškia, kad investuotojai perveda savo monetas iš biržos. Tokia tendencija paprastai yra stulbinanti, nes tai reiškia, kad pardavimo pasiūla mažėja.
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Now, here is a chart that compares the trends of the Bitfinex reserve and the BTC price over the past month:
Looks like the value of the reserve has risen sharply recently | Source: CryptoQuant
As you can see in the above graph, there seems to be a correlation between the Bitfinex reserve and the Bitcoin price over this period.
Gruodžio 27 d. biržos rezervas rodė laipsnišką kilimo tendenciją, kuri tęsėsi apie porą savaičių. Tuo pačiu metu kriptovaliutos kaina krito panašiai laipsniškai.
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After that, both the price and the reserve moved sideways for a while. But on 20 Jan, the Bitfinex reserve had a sharp spike up, while the price of BTC plunged down.
The quant believes that this trend may suggest that the movement in Bitfinex reserve could have been behind the crash in the price of the coin to $35k.
Bitcoin Kaina
At the time of writing, Bitcoin’s price floats around $33.8k, down 21% in the last seven days. Over the past month, BTC has lost 33% in value.
Žemiau esančioje diagramoje parodyta kriptovaliutos kainos tendencija per pastarąsias penkias dienas.
BTC's price seems to have further plunged down in the last 24 hours | Source: BTCUSD on TradingView
Since the crash, Bitcoin hasn’t shown any significant recovery. Rather, the price seems to be further going down still. At the moment, it’s unclear when a bottom may be hit.
Teminis vaizdas iš Unsplash.com, diagramos iš TradingView.com, CryptoQuant.com
Source: https://bitcoinist.com/data-bitfinex-reserve-bitcoin-price-crash-35k/