Recently, the price of Bitcoin dropped sharply from $118,585 to $114,652, a significant decline, but there was no large-scale concentrated selling in the market.
From the exchange data, only two deposit records can be explained:
On August 17 at 7 PM, Binance received 802 BTC;
(Figure 1)
On August 18 at 10 AM, Coinbase received 1,201 BTC.
(Figure 2)
Based solely on these two amounts, they are far from enough to trigger such a significant decline. Therefore, in the absence of prominent macro-negative news, a more reasonable explanation is that the overall market liquidity on weekends is weak, coupled with concentrated liquidations in leveraged positions, which amplified the downward pressure on prices.
