The leading digital currency, Bitcoin (BTC), shaded about $1,000 within 24 hours, as the market seems to be retracing. Many investors began cashing out from the market rally, as Bitcoin inflows to exchanges have increased since the last day. However, on-chain data still shows signs of buys, as many Bitcoin addresses are accumulating more coins. So, while the price dropped, some investors opted to buy the dipping coins.
As seen in the Bitcoin price, there have been massive sell-offs for the leading crypto within the past 24 hours. The CEO of Crypto Quant, Ki Young Ju, shared a chart earlier today, pointing out how All Exchanges Inflow Mean spiked within a few hours. According to him, the massive deposits to exchanges were relatively from the whale addresses. Glassnode, an on-chain analytics platform, also confirmed the development.
In a tweet on Thursday, Glassnode informed that the daily Bitcoin on-chain flow to exchanges reached $1.2 billion. About $1.1 billion in Bitcoin moved out from exchanges, making a net flow of +$46 million. Some random comments on Twitter claimed that whale investors manipulated Bitcoin price by selling off massively, only to purchase them back at a dipping price. This comes as large Bitcoin addresses are increasing in number.
Besides the massive Bitcoin deposits, the CEO of Crypto Quant also pointed out that some people are still buying the crypto. While citing the long-term on-chain indicators, he opined that the buying pressure prevails and that Bitcoin can still break the $20,000 level in a few days.
Per Glassnode, Bitcoin addresses holding at least 10 BTC surged to a 4-month high of 154,720 today. Likewise, Bitcoin addresses holding 1,000 BTC increased to another high of 2,278.
This post was last modified on January 7, 2021 8:33 am
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