Bitcoin [BTC]: Strong coin inflows in exchanges suggest a rally in selling pressure

The much-anticipated merger, which proved beneficial to most, came to nothing Bitcoin [BTC]. Some Ethereum [ETH]-Linked assets posted double-digit gains and BTC paid no heed. According to data from CoinMarketCap, the price per BTC was $19,907, down 0.8% over the past 24 hours.

After a 16% drop over the past month, key on-chain metrics have shown that the bears are still in control of the market. Furthermore, there seems to be no rally in sight for the king coin in the coming weeks.

Which key figures?

According to new data from Santiment, BTC has seen its exchange inflow rally since the beginning of the month. Between September 7th and September 14th, 1.69 million BTC worth $33.5 billion were sent to exchanges. According to Santiment, this was the highest volume of BTC moved since October 2021.

Source: Santiment

An increase in this metric usually indicates a rally in selling pressure for a crypto asset. As more BTC is brought to the exchange, expect another price drop.

Aside from that, CryptoQuant reported that there was a sudden spike in BTC exchange inflows after the US CPI reading on Sept. 13. This led to a 10% drop in the price of the leading coin a few hours after the reading.

Source: CryptoQuant

According to the message

“The majority of bitcoin movements have been from the cash exchange (Coinbase) to the derivatives exchange (Huobi) and overwhelmingly to a 3-6 month old whale address.”

Source: CryptoQuant

Continue data out Into the block showed a significant drop in BTC Large Holder Netflow over the last month. According to IntoTheBlock resourceslarge holders of a crypto asset hold more than 1% of the asset’s total circulating supply.

When the net flow of large holders is peaking, it means that category of holders is piling up. A decrease means a decrease in holdings of large holders. Over the past month, the net flow from wholesale BTC holders has declined by 100%.

In addition, a decline of the same magnitude has been recorded in the last 90 days. Since a rebound in net flow from bulk holders is usually a harbinger of an asset’s price surge, a sustained decline in net flow from BTC bulk holders could lead to a further drop in the price.

Source: IntoTheBlock

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