I’m noticing an interesting thing at the current stopping point of Bitcoin’s price. During the recent rally, as the price was rising, new investors sent a huge amount of Bitcoin to exchanges. On-chain data shows that short-term holders( who bought within the last 155 days) have deposited a total of 61,000 Bitcoin. That’s roughly $4.5 billion.

Typically, when holders send coins to exchanges, they’re preparing to sell. So this massive inflow indicates that selling pressure was building just as Bitcoin was climbing higher. Up to 11,000 BTC was flowing into exchanges per hour—this was the largest flow since December. Not only new investors, but others also wanted to lock in profits at this high point.

And when this selling pressure came in, Bitcoin’s price growth stalled. The price is now near $77.80k, up more than 4% over the past week. In the coming days, it will be seen whether Bitcoin moves higher again or if this selling pressure becomes even stronger.