Joao Wedson, CEO of cryptocurrency analytics firm Alphractal, has introduced a new analytical tool that aims to measure market sentiment based on altcoin net fund flows on Binance.
In his latest statement, Wedson detailed how the Binance Altcoin Netflow Heatmap can be a powerful indicator for traders tracking accumulation and selling trends.
According to Wedson, the heatmap separates altcoins into two different groups based on their net flow activity:
- Red (Bullish): Coins that have seen more upside, indicating accumulation as investors withdraw assets from exchanges to hold for the long term. Assets in this category include ENJ, FET, HOT, ALICE, 1INCH, MKR, AMP, LINK, ETH, BNT, DODO, GHST, BTC.
- Green (Bearish): Coins with increasing inflows indicate potential selling pressure as more tokens migrate to Binance. Coins in this category include MATIC, ERN, ANKR, CHZ, ENS, ALCX, VGX, JASMY, UNI, AGLD, BLZ, SKL, AXS, QNT, COMP, BAT.
Such tracking tools can provide crucial information for investors looking to effectively navigate market cycles, Wedson said.
*This is not investment advice.
