Recent on-chain data reveals a notable trend: while significant amounts of Tether (USDT) are exiting exchanges, a large inflow of Bitcoin (BTC) (>15K) has been observed entering exchanges. Additionally, despite the recent sharp price drop, spot markets are seeing sustained selling pressure.
This combination of factors may indicate a potential for further short-term downside in Bitcoin’s price. However, from a macroeconomic perspective, there doesn’t appear to be a catalyst that would necessitate a prolonged bearish trend after this short-term correction.
Written by onatt
