Bitcoin whales send 5.9k BTC worth $155 million to exchanges
In the early Asian session on September 7, nearly 5,983 BTCs were sent to centralized exchanges.
(A closer look at this inflow shows that it was sent to US crypto exchange Gemini.)
Supply on exchanges has also seen an increase of 20k since September 1.
Other things to consider
1/ Miners are also taking an active part in sending the exchanges, but their relatively contribution is not that high.
2/ Based on my observations, from September 1 to 7, Bitcoin miners have sent around 578 BTC to exchanges.
3/ MVRV 365-day is at 4.36%, suggesting these holders are in profit and are likely going to capitulate should BTC trigger another quick nosedive.
4/ Despite the rangebound movement of Bitcoin price after the September 2 crash and dry volatility conditions, HUGE liquidity pools have accumulated between $26,400 and $25,000. So, this spike in move could possibly wipe this liquidity clean.
5/ Lastly, the US CPI announcement will happen in six days on September 13. Although FedWatch Tool predicts a pause on rate hikes, a higher CPI number could trigger another volatile move.
For all these reasons, the recent inflow of BTC could serve as gunpowder. So consider yourself warned.
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