Over 63,000 BTC sent to exchanges in 72 hours
According to CryptoQuant data, more than 63,000 Bitcoin (CRYPTO:BTC), worth approximately $1.83 billion, were transferred to cryptocurrency exchanges between October 7 and October 9, 2024.
The inflows included 28,000 BTC on October 7, 23,500 BTC on October 8, and 12,000 BTC on October 9.
While high exchange inflows do not always result in immediate selling pressure, they indicate that investors may be preparing to liquidate their assets.
Typically, investors move large amounts of digital assets from cold storage to exchange wallets when they are ready to sell.
Bitcoin's price has been declining this week, starting at over $64,000 on October 7 and falling to $62,000 by the end of the day.
The cryptocurrency continued its downtrend, breaking below its 200-day exponential moving average on October 10.
Macroeconomic factors, including inflation and an increase in jobless claims, contributed to this price movement.
Analysts have different views on Bitcoin's future price action.
Some suggest that Bitcoin must break out of the $60,000 range to attract new investor interest, while others expect the price to drop below $50,000 before any rebound.
Bitcoin's all-time high of $74,000, reached in March 2024, has yet to be retested as the asset has traded sideways since.
Adding to market concerns, the U.S. Supreme Court recently declined to hear a case involving 69,370 BTC seized from Silk Road, which could now be sold by the U.S. government.
Investors worry that this potential sell-off may further impact Bitcoin’s price.
However, data from Arkham Intelligence confirms that the Bitcoin from the Silk Road raid has not yet been moved.
At the time of writing, the Bitcoin price was $60,164.05.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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