Bitcoin Exchange Inflows Rise as Whales and Speculators Potentially Increase Selling Pressure
Main Idea
Bitcoin exchange inflows have surged as whales and short-term holders sell, causing BTC price to drop below $112,000, with potential for extended downward pressure.
Key Points
1. Bitcoin whales and short-term holders (STHs) are increasingly transferring BTC to exchanges amid price declines, with over 40,000 BTC sent to exchanges at a loss on August 1.
2. Whale deposits have pushed the Exchange Whale Ratio above 0.70, indicating significant selling pressure and risk of a prolonged correction.
3. BTC inflows to major exchanges like Binance have increased from approximately 5,300 BTC daily in early July to around 7,000 BTC.
4. Market participants note unusual weekend price action, with liquidity concerns contributing to the recent BTC price dip below $112,000.
5. Bitcoin's price attempts to rebound to $114,000, but sustained selling pressure may hinder upward momentum.
Description
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