Bitcoin’s Exchange Inflows Surge to One-Month High, Signaling Heightened Selling Pressure

Bitcoin mining. Conceptual illustration. Vector clipart.

On-chain data analysis firm Glassnode tweeted a 7-day moving average chart of exchanges receiving Bitcoin that showed a one-month high of inflows.

Source: Twitter

BTC USD down -1.30%, ETHUSD down -1.99%

Over the last 7 days, the exchange addresses received 1,889,792 BTC. Sustained inflows might be a concern for market participants.

With the US Fed maintaining its hawkish policy stance, risk-on assets such as Bitcoin come under heightened pressure. Investors should brace for worse with soaring inflation rates.

The Fed hiked interest rates by a half a percentage point, the most significant single increase in two decades, causing Bitcoin to sink further.

Inflows are a bearish indicator because sending Bitcoin to an exchange need investors to move it from storage and incur a transaction charge.

The most likely reason to send funds to an exchange is to sell the tokens. The exchange inflows are intensifying pressure and signal prices can fall.


COTI Releases Djed Public Testnet Ahead of Mainnet Launch in June

Previous article

Nvidia Consents to Cease and Desist Order, $5.5M Penalty

Next article

You may also like


Leave a reply

Your email address will not be published.

More in News