Bitcoin hodlers 'bleed' as Binance daily inflows near 7K BTC
Main Idea
Bitcoin holders are experiencing significant sell-offs as exchange inflows surge, with short-term holders and whales contributing to increased market activity and price volatility.
Key Points
1. Bitcoin short-term holders (STHs) sent over 40,000 BTC to exchanges on Aug. 1, the highest since July 15, described as 'bleeding BTC' by analysts.
2. Net BTC inflows to exchanges reached 16,417 BTC on Aug. 1, with the Exchange Whale Ratio exceeding 0.70, indicating heightened selling pressure.
3. Binance's daily BTC inflows rose from around 5,300 BTC to 7,000 BTC since early July, reflecting a consistent uptick in selling activity.
4. US spot Bitcoin ETFs saw outflows of $812 million on Aug. 1, the second-highest daily drawdown on record, signaling institutional selling pressure.
5. BTC price hovered around $114,000 with a 1.3% daily increase, but weekend trading saw unusual liquidity conditions and large-volume sell attempts.
Description
Bitcoin exchange inflows have been increasing for over a month, and the latest BTC price drawdown has made nervous sellers double down.
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