4,623 Bitcoins Hit Spot Exchanges in One Block: Will Seller Pressure Increase?

1- Total Netflow - All Exchanges

When we check futures and spot exchanges, we see an outflow of over 81,000 Bitcoins on July 5 and 6, 2024. However, about 47,000 of this outflow came from Mt. Gox. It is very likely that these will be sent to spot exchanges in parts for sale. Additionally, the German government has sold more than 10,000 Bitcoins since June 2024. They still have around 39,826 Bitcoins worth around 2.2 billion dollars.

However, for Bitcoin which has a market value of 1.1 trillion dollars, this is just a drop in the ocean. This may create temporary and minor seller pressure. Just that.

2- Bitcoin Flow to Spot Exchanges Increases

When we look at the data for July 8, 2024, we see that more than 5,000 Bitcoins went to spot exchanges. This is the largest net flow since April 25, 2024. In fact, 4,623 Bitcoins came in one block. Historical data shows that large flows like these are followed by these Bitcoin sales, as shown by on-chain data.

✅Conclusion

Many on-chain metrics show that we are in a local bearish area. For example, NVT Golden Cross is in the local drop zone. A similar scenario last occurred in January 2024 when the price of Bitcoin was around 39,000. I can't pinpoint the exact level of decline, but I can say that Bitcoin is in relatively cool waters.

Although Mt. Gox, Germany, or any other institution or government is selling Bitcoin, considering the amount they hold, it is clearly a “drop in the ocean.” Seller pressure may continue for a while, but it must be remembered that Bitcoin is inevitable.

Written by burakkesmeci