The Exchange Netflow indicator indicates that net inflows from Bitcoin to exchanges were high yesterday, reaching 16,471 Bitcoin, the highest since mid-July. This indicates that a large number of Bitcoin owners have moved Bitcoin to exchanges.
Conversely, the Exchange Whale Ratio indicator rose to levels exceeding 0.84, meaning that most of these deposits were from whales.
When large deposits coincide with whales dominating these deposits, the market typically enters a phase of selling pressure and rapid decline. If whales continue to deposit Bitcoin to exchanges at the same pace, further pressure on the Bitcoin price is expected.
Written by Arab Chain
