TL failure; DR:
- Last week, about 29,696 BTC was transferred to exchange offices, which significantly increased the supply of exchange offices.
- These inputs coincided with a BTC price drop below $ 50,000.
The largest cryptocurrency Bitcoin (BTC) returned to the price level of $ 50,000 a few days ago. However, BTC did not have enough buying momentum to keep prices above this level. Data from Glassnode it shows There was a huge flow in the exchanges, which is usually a downward indicator of the impending selling pressure.
Last week, approximately 29,700 bitcoins were transferred to exchange offices
Bitcoins transferred about 29,696 BTC to exchanges over the past seven days, according to Glassnode data shared by crypto analyst Willy Woo.
Note that the supply of bitcoins in exchange offices has been declining since last month, possibly with more people gathering and sending their coins to foreign wallets under $ 50,000. However, last week’s inflow was so significant that it caused a significant increase in the stock market chart.
There is also a significant amount of BTC that was transferred to exchange offices in the last 24 hours. About $ 2.3 billion in BTC was transferred to exchange offices. However, only $ 1.5 billion was traded and its net cash flow was $ +828 million.
Judging by the data, whales or bitcoin traders seem to have targeted the $ 50,000 price range with short calls. “If Bitcoin is to continue to rise, this is not a trend we want to continue,” says Willie Wu.
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Bitcoin stocks in all exchanges have increased to approximately 2.520 million bitcoins. This represents a 1.77% increase to the lowest quarterly level recorded on August 11th.
At the time of writing, BTC was down 2.45 percent in 24 hours, trading at $ 48,568. However, in the seven-day count, BTC is still up 5 percent and its 24-hour trading volume is $ 35.2 billion.