Bitcoin closed at $78,450 on Sept. 8 after continuing its rebound from around $60,000 earlier in the summer, but large transfers into spot exchanges have not shown a matching surge, according to CryptoQuant analyst Woominkyu. He said the top 10 large inflows to spot trading platforms totaled 5,442 BTC on Sept. 8. That was 4.4 times higher than the previous day, yet only 5.1% above the 30-day average. Over the past seven days, average inflows stood at 4,678 BTC, still below several peaks seen earlier this year. Looking at the longer-term chart, Woominkyu said the current BTC price rebound has not come with unusually high levels of large deposits to exchanges. In his view, that means there is still no clear evidence that sustained selling pressure is materially building through large transfers. The signal to watch next is whether Bitcoin weakens while the seven-day average of exchange inflows keeps rising, which could point to growing potential sell pressure. For now, he said the Sept. 8 bounce in exchange deposits looks more like a return to recent normal levels than an abnormal wave of large inflows.
BlockBeats reported on Sept. 9 that CryptoQuant analyst Woominkyu said Bitcoin closed at $78,450 on Sept. 8, extending a rebound from around $60,000 earlier this summer.
Even so, large capital inflows into spot trading platforms did not show a comparable jump. On Sept. 8, the top 10 large inflows to spot exchanges totaled 5,442 BTC. That figure was 4.4 times higher than the previous day, but only 5.1% above the average of the past 30 days.
Seven-day average remains below earlier highs
At the same time, the seven-day average inflow was 4,678 BTC, still below several highs recorded earlier this year.
Looking at the longer-term chart, Woominkyu said the current Bitcoin rebound has not been accompanied by unusually high levels of large BTC deposits to trading platforms. That suggests there is still no clear evidence that potential sustained selling pressure is materially increasing through large transfers.
What to watch next
He said the next signal to monitor is whether Bitcoin weakens while the seven-day average of exchange inflows continues to rise. If that happens, it could indicate that potential selling pressure is building.
For now, Woominkyu said the rebound in exchange deposits on Sept. 8 looks more like a return to recent normal levels than an abnormal wave of large-scale inflows.
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