$BR Is Making New Highs, But Fresh CEX Supply Is Starting to Appear
$BR just pushed into new highs, but the on-chain flows are getting interesting.
A proxy address has sent 400K BR (~$340K) directly to Gate and Bitget deposit wallets.
At the same time, the earlier data showed futures inflows far exceeding spot flows, while BR is now trading near the highs.
And there’s still a 40.63M $BR unlock scheduled for Sept. 20.
But with new highs + heavy futures positioning + fresh CEX deposits + an upcoming unlock, this is a setup where I’d be watching the supply very closely.
If spot demand keeps absorbing it, the trend stays strong. If CEX deposits accelerate, the risk changes quickly.
$BR just pushed into new highs, but the on-chain flows are getting interesting.
A proxy address has sent 400K BR (~$340K) directly to Gate and Bitget deposit wallets.
At the same time, the earlier data showed futures inflows far exceeding spot flows, while BR is now trading near the highs.
And there’s still a 40.63M $BR unlock scheduled for Sept. 20.
But with new highs + heavy futures positioning + fresh CEX deposits + an upcoming unlock, this is a setup where I’d be watching the supply very closely.
If spot demand keeps absorbing it, the trend stays strong. If CEX deposits accelerate, the risk changes quickly.
