#BullishIPO BTC Inflows Spike — Is a Supply Surge About to Hit the Market?

Bitcoin remained under $120,000 after the US Treasury said it would not buy it.

BTC is now worth $118,612, down 4.1% from its record high over $124,000 this week. The market is examining whether this consolidation period would restart the uptrend or prolong the slump.

Recent blockchain statistics has highlighted Binance, the world's biggest bitcoin exchange by volume.

CryptoQuant contributor CryptoOnchain reports that the exchange has seen one of the seven biggest average Bitcoin inflows in recent months.