Bitcoin closed at $78,450 on Sept. 8, extending a rebound that began from around $60,000 over the summer, according to a note cited by ChainCatcher from CryptoQuant analyst Woominkyu. The analyst said the move higher has not been accompanied by a comparable surge in large spot exchange deposits, a metric often watched for signs of potential selling pressure.
Data referenced in the note showed that daily inflows to the top 10 spot exchanges reached 5,442 BTC on Sept. 8. That was 4.4 times the previous day’s figure, but only 5.1% above the 30-day average. The seven-day average stood at 4,678 BTC, still below several peaks seen earlier this year.
From a broader chart view, Woominkyu said the recent price rebound has not come with an abnormal rise in large deposit activity. In his view, that leaves limited evidence so far that large transfers are creating sustained sell pressure. The next signal to watch, he added, is whether the seven-day average of inflows keeps climbing if Bitcoin price momentum weakens.
Bitcoin closed at $78,450 on Sept. 8, extending a summer rebound from around $60,000, according to a ChainCatcher report citing CryptoQuant analyst Woominkyu.
The analyst said large deposits into spot exchanges have not surged in tandem with the price recovery. Data showed that daily inflows to the top 10 spot exchanges totaled 5,442 BTC on Sept. 8. While that was 4.4 times the previous day’s level, it was only 5.1% above the 30-day average.
The seven-day average inflow came in at 4,678 BTC, below several peaks recorded earlier this year. Looking at the broader chart, Woominkyu said the latest rebound has not been accompanied by an unusual increase in large deposit activity, leaving limited evidence that large transfers are producing sustained selling pressure.
He said the next point to watch is whether the seven-day average inflow continues to rise if the price weakens. For now, the Sept. 8 increase in deposits looks more like a return to the recent norm than an abnormal spike.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
