The largest Bitcoin exchange influx since 2018 put the potential bottom of $ 20,000 at risk
Bitcoin (BTC) may be on the verge of a big sale in the retail trade as the currency supply increases to almost three and a half years highs.
Data from the chain analysis platform CryptoQuant shows that users of 21 large exchanges send coins to their wallets en masse on 14 June.
Major exchanges complete 83,000 BTC in a single day
When BTC / USD fell to its lowest level of $ 20,800, it seemed that panic was beginning to appear among traders, and despite a reversal that at one point peaked at $ 23,000, few seemed willing to trust that the worst was over .
Since then, the spot price action has returned to close to 21,000 dollars, while 24-hour stock market inflows reached 59,376 BTC.
According to CryptoQuant data, this is the largest daily inflow since 30 November 2018. On that day, stock exchanges registered 83,481 BTC with net inflows.
May 9, 2022 ended with 29,082 BTC in net inflow for the platforms monitored by CryptoQuant.
Concerns may now be about whether even more pressure on the sales side will emerge in the Bitcoin markets in the coming days and weeks. About a month after the 2018 inflow, the BTC / USD cycle bottom reached $ 3,100, 84% during the previous record high of $ 20,000.
As Cointelegraph recently reported, analysts are of mixed opinion as to whether Bitcoin will repeat the trend this cycle. A reduction of 84% will mean a bottom of only $ 11,000.
In a separate analysis of the price situation, statistician Willy Woo concluded that macro market movements would dictate the bottom of Bitcoin.
“I think it’s easier than this, IMO we’ll find a bottom when macro markets stabilize,” part of a Twitter thread reviewing various price support theories read.
FTX, Binance sees particularly heavy sales
By analyzing who has sold so far, CryptoQuant CEO Ki-Young Ju pointed the finger at derivatives traders and the largest global stock exchange, Binance.
Related: “Too early” to say that the Bitcoin price has regained key support for the bear market – Analysis
Ki noted that the largest number of coin days destroyed – unmoved coins that became active after a dormant period – came from the specific locations.
“This sales pressure came from Binance and FTX,” he said wrote in a Twitter thread June 13:
$ BTC Exchange Inflow CDD (Coins Days Destroyed) indicates old whale deposits. Binance’s Inflow CDD reached an annual high before the fall. “
Ki added that this was in contrast to other whales, which have been relatively quiet through the price revolution, which began with the May Terra implosion.
Data from chain analysis resource Coinglass, meanwhile, shows the extent of downside bias on FTX, especially in recent days.
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