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

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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.

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