In the vicinity of the Bitcoin roundabout of $60,000, there was a massive inflow of exchanges in the chain. CryptoQuant Analyst Darkfost states that more than 550,000 BTCs were transferred to the full value addresses associated with currency and OKX at a time of between 59,000 and 60,000 US dollars in the market retest.

Such transfers do not amount to being sold in the market, but are usually seen as short-term risk signals. Upon entering the full-value address, the funds may continue to flow to the main purse of the exchange for spot sales, derivative bonds, warehouse adjustments, hosting switching or internal transfer within the platform.

Two exchanges have a larger inflow.

  • More than 220,000 BTCs to the full value address associated with currency
  • More than 330,000 BTCs to OKX-related filling addresses

Darkfost claims that this scale was last seen in the bear city phase in 2023. Since money flows to exchanges tend to occur before sales, the market is particularly sensitive to such data at the price constraint stage.

Sixty million dollars to get attention again.

Prior to this large inflow, Bitcoin had been underperforming for weeks. It was reported that the BTC had previously collapsed by $59,000, while the market was affected by the outflow of ETF funds and multiple liquidations.

Other data indicate that some short-term holders are moving bitcoin to the exchange in a loss, and the market is therefore beginning to focus on whether the push is close to a phase release. For many traders, $60,000 is both price and emotional.

Change in coin-ann reserve snapshot

In addition to chain transfers, the exchange reserve snapshot shows changes in the structure of user assets. According to a certificate of reserve report by François, in May the number of BTC users on the platform increased by 25,838, to a total of approximately 630,000; during the same period, the balance of USDT decreased by about 460 million.

However, both the certificates of stocks and the flow of data to the exchange can only reflect the state of the chain at a given point in time and do not provide a direct indication of the end intent of the user. Upon transfer to a full-value address, the funds may be used for sale or for bond replenishment, derivatives trading or wallet management. As a result, this round of large inflows is more appropriate to be seen as a potential sign of pressure, rather than as a recognized market for sale.