With Bitcoin BTC exchange entries reaching multi-year lows, it is facing a new "consolidation zone."
In a post published on X on April 1, Axel Adler Jr., a contributor to the on-chain analytics platform CryptoQuant, announced that Bitcoin sellers have "dried up."
Since November, average currency inflows have decreased by 64%
Data shows that selling pressure on Bitcoin has significantly decreased since its first rise above the 100,000 dollar level at the end of 2024.
Adler analyzed BTC inflows to major crypto exchanges and revealed that there has been a sharp decline in the seven-day average sent to sell.
Inflows to Binance indicate a "more neutral stance"
According to Cointelegraph, there are signs that market sentiment is aligning with price reality.
However, short-term analysis warns of a new increase in inflows this week, excluding the global exchange Binance.
"Short-term holders are sending significantly less BTC to Binance. While an average of 24,700 BTC is sent to other exchanges, only 6,300 BTC is sent to Binance," said Joao Wedson, contributor to CryptoQuant and founder and CEO of data analysis platform Alphractal, in one of his blog posts.
"This indicates that the selling pressure on Binance has decreased and many investors have likely adopted a more neutral stance."
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