Summary
- A CryptoQuant contributor reported a sharp increase in Bitcoin deposits to Binance.
- The increase in deposits is significantly raising short-term selling pressure.
- If demand fails to absorb the supply, there is a possibility that Bitcoin prices may decline in the coming days.
An analysis has emerged suggesting that short-term selling pressure on Bitcoin (BTC) may be increasing.
On the 15th (local time), a CryptoQuant contributor said on X (formerly Twitter), "There has been a sharp increase in the amount of Bitcoin being deposited to Binance," adding that "the surge in inflows is further heightening short-term selling pressure." He went on to say, "If demand fails to absorb the supply, there is a possibility that Bitcoin may decline in the coming days."
Typically, large-scale coin deposits at exchanges can lead to increased selling, which in turn may drive short-term volatility.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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