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

The long-awaited merger that has proven to be beneficial to most people, has done nothing for it Bitcoin [BTC]. some ethereum [ETH]Associated assets posted double digit gains and BTC didn’t care. According to data from CoinMarketCap, BTC was at $19,907, down 0.8% in the past 24 hours.

After declining 16% over the past month, key figures in the series show that the bears are still in control of the market. Furthermore, it appears that there is no crowd on the horizon for Coin King in the coming weeks.

What are the main characters?

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

Source: feeling

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.

additional, CryptoQuant She reported that after the September 13 US CPI reading, there was a sudden surge in bitcoin exchange inflows. 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 movement has been from spot exchange (Coinbase) to derivative (Huobi), mostly electoral addresses 3-6 months old.”

Source: CryptoQuant

More data from IntoTheBlock It showed a significant drop in the net inflow of BTC to a large holder in the past month. According to IntoTheBlock resourcesMajor crypto-asset holders own more than 1% of the total circulating supply of the asset.

When the net flow of a large swatch sees a rise, it means that this category of mounts is piling up. A decrease means a decrease in the holdings of large holders. In the past month, the net inflow of large BTC holders has dropped by 100%.

Moreover, in the last 90 days, the same degree of decrease was recorded. With the rising net inflow of large holders usually a precursor to the asset’s price increase, the continued decline in the net inflow of BTC to large holders of equities could cause its price to fall further.

Source: IntoTheBlock

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