According to BlockBeats, recent analysis by CryptoQuant indicates that the amount of Bitcoin flowing into centralized cryptocurrency exchanges on November 6 is significantly lower compared to previous U.S. election days. This trend suggests a reduced selling pressure surrounding election activities.
Julio Moreno, Head of Research at CryptoQuant, noted that compared to the last election and early 2024, the transfer of funds by traders and investors into exchanges appears to exert less selling pressure on Bitcoin. Currently, the daily Bitcoin inflow to exchanges is approximately 45,000 Bitcoins, which is notably lower than the peak of 95,000 Bitcoins in March 2024 and 73,000 Bitcoins before the 2020 U.S. presidential election.
Moreno further explained that Bitcoin's relative strength compared to altcoins like Ethereum indicates a preference among investors for Bitcoin over other assets, especially during periods of market uncertainty. This preference highlights Bitcoin's perceived stability and attractiveness as a safe haven asset in volatile market conditions.
