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As Bitcoin Makes New ATH, Netflow Hints BTC Will Explode Here

The history of the Bitcoin netflow indictor may suggest that the current market is ready for the next major price swing up as the crypto makes a new ATH.

Bitcoin Netflow Has Historically Approached Zero Before Major Price Upswings

As explained by an analyst in a CryptoQuant post, there seems to be a relationship between BTC netflows and price swings upward.

The Bitcoin netflow indictor is defined as the difference between the inflows and the outflows, and it shows the net amount of the crypto entering or exiting centralized exchanges.

When the metric takes on negative values, it means there are more investors withdrawing their coins compared to those depositing. Sustained such a trend can be bullish for BTC as holders usually take their crypto off exchanges for hodling or selling through OTC deals.

On the other hand, when more coins are flowing into exchanges than those flowing out, the netflow shows positive values, which may be bearish as it implies investors are sending their Bitcoin to exchanges for withdrawing to fiat or for buying altcoins.

Now, here is a chart that shows the trend in the value of the indicator over the last year:

The relation between BTC price and the netflows | Source: CryptoQuant

In the above graph, the analyst has marked the behavior of the indicator compared with the Bitcoin price. As is apparent, the netflow always touched the zero mark right before a big price move up.

A netflow value of zero means the investors taking out their coins from exchanges are balanced by those putting them in.

Related Reading | Bitcoin Futures ETF Exceeds Expectations, Trades $1 Billion On Day One

This trend seems to have been followed during the bull run earlier in the year, and so far the current rally has also followed it.

Right now, the netflow is right at zero, which makes the current point suitable for making another big move up. And it seems to have already begun as…

BTC Price Makes New All-Time High!

Bitcoin has reached a new ATH today as the crypto trades at $66k at the time of writing. The below chart shows the trend in the price of BTC over the last 24 hours.

Related Reading | Ethereum Breaks $4,000, All-Time High Unavoidable?

BTC breaks past $65k to make a new ATH | Source: BTCUSD on TradingView

Bitcoin is now heading into unknown territories as every move up now will result in a new ATH to be reached. Knowledge of past bull runs hints that the volatility will probably shoot up now and the crypto will experience wilder price swings. And if the netflows are anything to go by, BTC looks ready to explode from this point.

Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

Doge Capital Introduces NFT Staking Program – Users to Earn $DAWG Tokens Daily

Doge Capital, an NFT platform built on the Solana blockchain, has unveiled a staking program for its users. According to the platform through a press release, the staking program will add more value to the 5000 NFT collection. Moreover, the non-fungible market is largely affected by speculation as is the case with the crypto market.::Listen

Doge Capital Introduces NFT Staking Program - Users to Earn $DAWG Tokens Daily

Doge Capital, an NFT platform built on the Solana blockchain, has unveiled a staking program for its users. According to the platform through a press release, the staking program will add more value to the 5000 NFT collection. Moreover, the non-fungible market is largely affected by speculation as is the case with the crypto market. Thereby, Doge Capital associated NFTs have a vantage point to other digital art collectibles in the market.

The company explained that the staking program requires users to hold at least one of the 5000 NFTs. Notably, each NFT is guaranteed to be unique through a computer program. Consequently, users have no cause for worry over art uniqueness.

The Doge Capital platform is committed to providing more use cases for its users through NFT acquisition. “Staking will lead to a consistent income stream through the release of Doge Capital’s utility token, the $DAWG. Apart from this, the Doge Capital platform will also be backing its users through the procurement of other NFTs. Every NFT acquired by Doge Capital will be put in the WoofBank, a community wallet. Since users will be holding Doge NFTs and $DAWG, they will be the true owner of the bank,” the firm noted.

Doge Capital ventures into a fast-growing industry of digital art collectibles. More so a time when the art industry, luxury industry, crypto market, and the blockchain industry have come together for the mutual growth benefit.

The Doge Capital platform has its native token $DAWG listed on two crypto platforms: Raydium and Dexlab. Consequently, users can seamlessly liquidate their NFT and at the same time purchase more $DAWG tokens. 

According to the company, users who stake their Doge NFT will earn approximately 5 $DAWG tokens per day. On the other hand, an airdropped NFT will earn one $DAWG token daily. Notably, the company said that it will continue to introduce supplementary NFTs to cater to the airdrops.

“Doge Capital will continue to drop supplementary NFTs so that airdropped NFTs are available for users to burn should they want to claim their rewards multiple times,” the firm noted.

There are 30 million $DAWG tokens in total supply, out of which the current circulating supply stands at 1.5 million. Doge Capital clarified that the current circulating supply will remain the same until the NFT staking is live.

As Bitcoin Makes New ATH, Netflow Hints BTC Will Explode Here

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