Looking at the movements over the past month, there are clear differences in the inflow patterns of Bitcoin (BTC) and Ethereum (ETH) to exchanges, with a noticeable surge in ETH inflows.
Bitcoin (BTC)
Inflows to exchanges have been relatively moderate, fluctuating in the range of approximately 12,000 to 70,000 BTC per day. Although there were temporary spikes around August 1 and mid-July, overall, there are no signs of increased selling pressure, and market sentiment remains relatively stable.
Ethereum (ETH)
On the other hand, ETH has experienced a clear and continuous increase in inflows over the past few weeks. In mid-August, inflows exceeding 2 million ETH were repeatedly observed daily, reaching close to 2.6 million ETH at peak times. This is a significant jump from the level below 1.5 million ETH in late July, which may be attributed to profit-taking selling, position adjustments by large holders, and movements related to ETH-related events.
In summary
BTC: Inflows are stable within historical ranges. No signs of panic selling or large position shifts.
ETH: Clear and sustained increase in inflows. There is a high possibility of short-term selling pressure and increased trading activity.
In other words, on-chain data indicates a calm in the BTC market, while there is a sudden increase in liquidity in the ETH market, suggesting a situation where caution is needed regarding short-term price volatility risks.
Written by XWIN Research
