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2. The Risk of Bitcoin Pullback Amid Increasing Foreign Exchange Reserves: Analysis
Bitcoin may be entering a short-term correction phase, as despite the overall bullish trend, on-chain and market sentiment indicators remain cautious.
Historically, this increase in reserves has preceded market declines or price consolidations, especially when it coincides with a weakening buyer momentum. Another contributor from CryptoQuant, Darkfost, pointed out a significant increase in the number of BTC whales flowing into exchanges, which further supports a cautious outlook.
From July 14 to 18, inflows (averaged monthly to offset short-term fluctuations) increased by nearly $17 billion, rising from $28 billion to $45 billion. Similar trends were observed during past local peaks when monthly whale inflows exceeded $75 billion, which then led to more significant corrections.