CryptoQuant: Large Bitcoin inflows to a certain exchange have dropped to their lowest level since 2018
According to ChainCatcher, CryptoQuant data analyst Darkfost reported that the inflow of "Wholecoiners" (single transactions greater than 1 BTC) on a certain exchange is significantly decreasing. The annual average inflow has dropped to about 6,500 BTC, the lowest level since 2018, with the weekly average inflow at only 5,200 BTC.
Unlike previous cycles, the current bull market has seen a decline rather than an increase in large bitcoin inflows, with the downward trend persisting even during periods of rising bitcoin prices. The analyst believes this phenomenon not only indicates a weakening selling pressure from large bitcoin holders, but also reflects a structural change in the market: as bitcoin's valuation rises, it becomes increasingly difficult to own a whole bitcoin; at the same time, the expansion of the DeFi ecosystem has provided investors with more channels for trading and holding, diverting funds that would have otherwise flowed into major centralized exchanges.
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.
You may also like
IM Cannabis prices US$1.31 million registered direct share offering at US$2 per share
The inflation bill has arrived, and Wall Street is starting to discount the "profit feast" of American companies.
Wall Street analysts have lowered their US stock earnings forecasts for the first time in 23 weeks, ending the longest streak of upward revisions since September 2021. High inflation and rising energy costs are squeezing profit margins in sectors such as consumer, raw materials, and finance. The combination of pressure on corporate earnings (the numerator) and rising discount rates (the denominator) is exposing US stocks to significant valuation adjustment risks.
Crypto prices
More
