Highlighting CryptoQuant’s data, Kesmeci shared that the 30-day simple moving average (SMA30) of the Bitcoin Exchange Outflow metric (for Binance) has been on a steady decline in the past few weeks. This indicator’s contraction suggests the outflow of significant Bitcoin amounts from the world’s largest exchange in recent weeks.
Kesmeci clarified in his post:
Looking at daily netflow data alone can be misleading. That’s why I follow the SMA30 — it gives a far more reliable read.
Data from CryptoQuant and the falling Bitcoin Netflow SMA30 indicate that, on average, $55 million in BTC (at an average price of $70,000) has been leaving Binance over the past few weeks. According to Kesmeci, a daily exchange outflow of this magnitude is “clear evidence of growing demand.”
As Kesmeci pointed out, the BTC price surge of more than 13% from $65,000 to $74,000 coincided with the period when the Binance BTC Netflow SMA30 fell and remained below zero. This somewhat optimistic price performance has come despite the uncertain global market conditions stemming from the ongoing military conflict in the Middle East.
Kesmeci added:
As of March 20, U.S. equity markets are bleeding — yet Bitcoin is holding strong. The demand sitting behind Binance’s netflow data explains why.
Bitcoin Price OverviewAs of this writing, Bitcoin is valued at around $70,620, reflecting a 0.4% price jump in the past 24 hours.
