Bitcoin's On-Chain Signals Turn Positive Amid Mixed Exchange Flows

CryptoQuant's CryptoOnchain has identified early signs of undervaluation in Bitcoin as traders weigh improving on-chain metrics against mixed exchange flows and weak short-term demand.

The NVT Golden Cross, a metric that compares Bitcoin's market value with its transaction activity, has jumped 429% above its 90-day average and increased 34.7% over the past week to reach 0.36.

This rising indicator historically suggests that network activity is growing faster than Bitcoin's price, potentially indicating undervaluation.

However, exchange data shows mixed signs, with Binance seeing a sudden shift in $BTC flows: 5,124 BTC left the platform on July 27, but 1,109 BTC flowed back in on July 28.