Sell-off alarm? Backtesting exchange data of 1000 coins (Santiment Weekly Pro report)

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Feb 20, 2021

When gauging a coin’s future price potential, a key metric to consider is the amount of sell-side pressure it may currently be under.

This is why - as blockchain analysis becomes more ‘mainstream’ and its alpha undeniable - we’ve seen more and more emphasis being placed on any and all on-chain transactions involving cryptocurrency exchanges.

A particularly popular metric these days is the exchange inflow, or the amount of a particular coin moving to known exchange addresses (excluding inter-exchange transactions).

Let’s take ETH as an example. According to Sanbase, ETH’s exchange inflow for the past 8 hours hovers at around 193,500 ETH. That’s about $375,000,000 worth of Ethereum (at the time of writing), moving to known exchange wallets in the last 8 hours alone:

ETH, exchange inflow, past 3 months (Source: Sanbase)

The higher the exchange inflow, the more

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