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Bitcoin Stuck in Range as Exchange Inflows Surge, Raising Risk of Renewed Selling
Bitcoin has traded in a tight range for about three months, but rising deposits to major exchanges may be signaling a fresh buildup in selling pressure, according to an analysis.
CryptoQuant contributor Darkfost wrote on April 20 that on-chain data show exchange inflows climbing even as Bitcoin remains boxed into a directionless trading range.
About 106,000 Bitcoin has been moved to Binance-linked deposit addresses, while about 130,000 Bitcoin has been sent to OKX deposit addresses. That is far above the annual averages of roughly 44,000 Bitcoin for Binance and 74,000 Bitcoin for OKX.
Inflows of that size have rarely been seen since the end of the previous bear market, Darkfost wrote. The key detail is that the transfers were made to deposit addresses linked to exchange hot wallets. Investors typically move assets through deposit addresses before they reach exchange wallets when preparing to sell, meaning the increase in deposits may point to a larger supply of coins waiting to be sold.
"The market is currently in a phase where expectations for a renewed advance and concerns over further declines are both at work," Darkfost wrote. With the sideways stretch dragging on and investor fatigue building, some market participants could start unwinding positions.#Gate13thAnniversaryLive