Bitcoin [BTC]: Heavy flow of currency to exchanges indicates high selling pressure

Bitcoin [BTC]: Heavy flow of currency to exchanges indicates high selling pressure

The long-awaited merger that has proven beneficial to most people, has done nothing for it Bitcoin [BTC]. some ethereum [ETH]Associated assets are posting double digit gains, and BTC is not paying attention. According to data from CoinMarketCapBTC price reached 19907 USD, with a decrease of 0.8% in the last 24 hours.

After declining 16% in the last month, key on-chain metrics showed bears still dominating the market. In addition, it appears that there is no crowd on the horizon for Coin King in the coming weeks.

What are the main metrics?

According to new data from EmotionBTC has seen an uptick in exchange flow since the beginning of the month. Between September 7 and September 14, 1.69 million bitcoins worth $33.5 billion were sent to exchanges. According to Santiment, this was the highest volume of BTC transferred since October 2021.

Source: Santiment

A rise in this metric usually indicates a rise in selling pressure for a crypto asset. As more BTC moves to exchanges, a further drop in price can be expected.

In addition to, CryptoQuant Reported that after the United States Consumer Price Index On September 13, there was a sudden surge in bitcoin exchange flows. This sent the price of the leading coin down 10%, after a few hours of reading.

Source: CryptoQuant

According to the report,

“The majority of bitcoin’s movements were from the spot exchange (Coinbase) to the derivative (Huobi), mostly a 3-6 month old whale address.”

Source: CryptoQuant

Moreover, the data from IntoTheBlock The BTC Large Holder Netflow has shown a significant drop in the past month. according to IntoTheBlock resourcesthe largest holders of crypto assets own more than 1% of the total circulating supply of the asset.

When the net large flow of a carrier sees a rise, it means that this class of carriers is piling up. The decrease indicates a decrease in the holdings of large holders. In the past month, the net influx of a large Bitcoin owner has fallen by 100%.

Moreover, in the last 90 days, the same degree of regression was recorded. With a surge in the net inflow of large holders usually a precursor to an asset price rally, a continued decline in the large net inflow of BTC could lead to a further drop in its price.

Source: IntoTheBlock

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