Major BTC Influx on Exchanges Could Signal Bearish Trend
CryptoNewsTerminal Staff09 Aug, 2024
Major BTC Influx on Exchanges Could Signal Bearish Trend
Massive amounts of Bitcoin (BTC) have recently entered centralized exchanges, potentially indicating a bearish trend. According to OKG Research, approximately $6.74 billion worth of BTC arrived at exchanges via large transactions (>$5 million) over the past week. In the past 24 hours alone, around 16,178 BTC entered exchanges via similar large transfers. This influx could suggest that investors are selling their holdings, leading to a potential decline in the price of BTC. Notably, the top 100 Bitcoin whale wallets' share of the total supply has slightly decreased, while the top 10 Bitcoin whales' share has remained unchanged.
