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What I am seeing now is an important signal in the Bitcoin market. On-chain data reveals that in recent days, new investors have been sending a large amount of their Bitcoin to exchanges. In just 24 hours, 61,000 BTC have been deposited, equivalent to about $4.8 billion. This is the highest level since February.
This massive deposit activity began when Bitcoin's price was approaching $78,000. Usually, when people send coins to exchanges, they are prepared to sell. So, this flow indicates increasing selling pressure. Up to 11,000 BTC have entered exchanges per hour — the highest since December.
I think two things are happening here. Short-term holders who recently bought coins are looking to take profits. Others are also viewing this rally as an opportunity to sell. As a result, Bitcoin's upward momentum has stalled. The key question now is how the market will respond in the coming days.