[Analysis] "Nearly 60,000 Bitcoin flow into Binance over two days…selling pressure intensifies"

Nearly 60,000 Bitcoin (BTC) have been deposited into the global cryptocurrency exchange Binance over the past two days, data show.

Darkfost, a CryptoQuant contributor, said on X that “over the past 2–3 days, between 56,000 and 59,000 Bitcoin have flowed into Binance,” adding on the 4th (local time) that “this is the largest amount so far this year.” Darkfost said the influx is significant because it occurred while Bitcoin was trading near a key support level of $74,000, noting that “if (the Bitcoin price) continues to break below the support level, the long-term trend itself could come into question.”

He also cited trends among short-term holders (STH). Darkfost noted that “short-term holders, who are particularly sensitive to price swings and quick to react, also joined the (Binance deposit) flow,” adding that “on the 2nd alone, about 54,000 Bitcoin in a loss position flowed into exchanges.” He added that “such inflows of Bitcoin into Binance imply tangible selling pressure in the spot market,” while noting that “however, this selling pressure is not at an abnormal level given the scale of the observed inflows.”