Exchange Inflows are Increasing
Demand and supply are only two of the many intricate interrelationships that influence the bitcoin market. A decrease in price of a cryptocurrency might be caused by an increase in supply overall without a commensurate rise in demand.
Transfer CHZ to the Exchange on Gate.io
A recent CHZ token transfer from Chiliz to the Gate.io exchange sheds light on the current market dynamics. The trade to the exchange involved about 1.8 million CHZ tokens, valued about $250,000. This transfer only accounts for a small portion of the total quantity that is now in circulation, and it only slightly raised the price of CHZ from its $0.13 press time to $0.14.
Metrics for Supply and Demand
Indicators of exchange inflow spiked after the most recent transfer of CHZ tokens to the market, but measurements of exchange outflow showed little activity. In the meantime, CHZ’s total supply has decreased outside of exchanges while increasing inside of them. This means that CHZ’s upward potential may be constrained.
What Happens to the Whales Next?
If the present market patterns continue, sell pressure might become more intense, especially if negative volumes surpass purchase pressure. The degree of market demand will determine the final result. In the previous 24 hours, the top whales have been comparatively passive, with some displaying selling pressure and others displaying purchasing pressure.