Big Money Moving
Bitcoin has been on a downward trend lately, and recent data suggests that the selling pressure might not be over yet. Binance, the biggest cryptocurrency exchange by trading volume, has seen a significant increase in Bitcoin deposits. This usually means people are sending their Bitcoin to the exchange to sell it.
What Does This Mean?
The “exchange netflow” tracks how much Bitcoin is flowing in and out of exchanges. When more Bitcoin is going in than out, it’s a bearish signal for the price. This is because people are likely depositing their Bitcoin to sell it.
Whale Watch
Adding to the bearish sentiment, a long-dormant Bitcoin whale recently moved 700 BTC (worth around $45.4 million). This could indicate that this whale is also planning to sell their Bitcoin.
Will Bitcoin Fall Further?
It’s still too early to say for sure if the recent Bitcoin deposits will lead to a further price drop. It’s possible that the whales have other plans for their Bitcoin, but the current data suggests that more selling pressure is likely.
What’s Next?
Bitcoin has recovered slightly since the recent decline, but it remains to be seen if it can hold its ground. The next few days will be crucial for determining the future direction of Bitcoin’s price.
