Bitcoin (BTC) could be on the verge of a retail major sell-off as exchange inflows spike to almost three-and-a-half-year highs.
Data from on-chain analytics platform CryptoQuant shows users of 21 major exchanges sending coins to their wallets en masse June 14.
Major exchanges finish up 83,000 BTC in a single day
As BTC/USD fell to lows of $20,800, panic appeared to set in among traders, and despite a reversal that at one point topped $23,000, few seemed willing to trust that the worst was over.
Since then, spot price action has returned to near $21,000, while 24-hour exchange inflows reached 59,376 BTC.
According to CryptoQuant data, this is the largest daily inflow since November 30, 2018. On that day, exchanges recorded 83,481 BTC of net inflows.
May 9, 2022 ended