4,623 Bitcoins Entered Spot Exchanges in a Single Block: Will Seller Pressure Increase?

1- Netflow Total - All Exchanges

When we examine both futures and spot exchanges, we witnessed an outflow of over 81,000 Bitcoins on July 5 and 6, 2024.

However, approximately 47,000 of these outflows were from Mt. Gox. It is highly likely that these will be sent to spot exchanges in parts for selling. Additionally, the German government has sold more than 10,000 Bitcoins since June 2024. They still hold around 39,826 Bitcoins worth approximately 2.2 billion dollars.

However, for Bitcoin, which has a market value of 1.1 trillion dollars, this is a drop of water in the ocean. It may create temporary and small seller pressure. That’s all.

2- Bitcoin Inflows to Spot Exchanges Intensified

When we look at the data for July 8, 2024, we see that more than 5,000 Bitcoins entered spot exchanges.

This is the largest net inflow since April 25, 2024. In fact, 4,623 Bitcoins entered in a single block. Historical data shows that such large inflows are followed by sales of these Bitcoins, as indicated by on-chain data.

✅Conclusion

Many on-chain metrics show that we are in a local dip area.

For instance, the NVT Golden Cross was in a local dip zone. The last similar scenario occured in January 2024 when Bitcoin's price was around 39,000. I cannot specify an exact dip level, but I can state that Bitcoin is in relatively cool waters.

Even if Mt. Gox, Germany, or other institutions or governments sell Bitcoins, given the amounts they hold, it is clear that it is a "drop in the ocean." Seller pressure may continue for a while, but it should be remembered that Bitcoin is inevitable.

Written by burakkesmeci