This is a sign that investors viewed this latest decline as fundamentally significant, and it is a possibility that these fresh inflows could place some further pressure on the market.<\/p>\n
One analyst is now noting that supply for the benchmark digital asset could far outweigh demand.<\/p>\n
Whether or not this sentiment is valid will be determined by how it continues trading around its key support in the lower-$9,000 region.<\/p>\n
Exchanges See a Massive Influx of Bitcoin as Weakness Grows<\/strong><\/h2>\nOvernight, Bitcoin<\/a> posted a sharp decline that led it down into the sub-$9,000 region. From here buyers stepped up and absorbed the heavy selling pressure, stopping it from seeing any further downside.<\/p>\nAfter then hovering within the lower-$9,000 region for several hours, buyers then stepped up and sent the crypto rallying up towards its previous consolidation region around $9,400.<\/p>\n
Despite not altering its market structure, this movement further highlighted the weakness that has been brought about by the consecutive rejections around $10,000 that it has posted in recent times.<\/p>\n
It appears that investors are taking notice of this overt weakness, a trend that can be seen while looking towards BTC\u2019s exchange inflows<\/p>\n
Mason Jang, the CSO at analytics platform CryptoQuant, spoke about the massive surge in inflows that took place in the time directly surrounding this volatility.<\/p>\n
He notes<\/a> that whales on Coinbase and Gemini moved their holdings directly before the decline occurred.<\/p>\n\u201cBTC crashed as the US stock has tumbled from 15 June, 02:00 UTC. Whales from Coinbase and Gemini moved before the dip\u2026\u201d<\/p><\/blockquote>\n
The chart seen below clearly illustrates this trend, showing just how significant these inflows were \u2013 given the short period of time in during which they took place.<\/p>\n![\"Bitcoin\"](\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/CryptoQaunt.jpg?fit=860%2C860\")
Image Courtesy of CryptoQuant<\/figcaption><\/figure>\nAnalyst: Inflow Trend Could Suggest Supply Outweighs Demand<\/strong><\/h2>\nWhile speaking<\/a> about the aforementioned data, one analyst mused the possibility that this shows that the cryptocurrency is currently plagued by underlying weakness.<\/p>\n\u201cExchange inflows increased. Why am I not surprised\u2026 Price keeps breaking down then the question has to be asked, will miners really hold onto their inventory? Weakest participants probably wont. And if true then supply > demand,\u201d he noted.<\/p><\/blockquote>\n
\nExchange inflows increased<\/p>\n
Why am I not surprised<\/p>\n
Price keeps breaking down then the question has to be asked, will miners really hold onto their inventory?<\/p>\n
Weakest participants probably wont<\/p>\n
And if true then supply > demand<\/p>\n
— XO (@Trader_XO) June 15, 2020<\/a><\/p><\/blockquote>\n
After then hovering within the lower-$9,000 region for several hours, buyers then stepped up and sent the crypto rallying up towards its previous consolidation region around $9,400.<\/p>\n
Despite not altering its market structure, this movement further highlighted the weakness that has been brought about by the consecutive rejections around $10,000 that it has posted in recent times.<\/p>\n
It appears that investors are taking notice of this overt weakness, a trend that can be seen while looking towards BTC\u2019s exchange inflows<\/p>\n
Mason Jang, the CSO at analytics platform CryptoQuant, spoke about the massive surge in inflows that took place in the time directly surrounding this volatility.<\/p>\n
He notes<\/a> that whales on Coinbase and Gemini moved their holdings directly before the decline occurred.<\/p>\n \u201cBTC crashed as the US stock has tumbled from 15 June, 02:00 UTC. Whales from Coinbase and Gemini moved before the dip\u2026\u201d<\/p><\/blockquote>\n The chart seen below clearly illustrates this trend, showing just how significant these inflows were \u2013 given the short period of time in during which they took place.<\/p>\n While speaking<\/a> about the aforementioned data, one analyst mused the possibility that this shows that the cryptocurrency is currently plagued by underlying weakness.<\/p>\n \u201cExchange inflows increased. Why am I not surprised\u2026 Price keeps breaking down then the question has to be asked, will miners really hold onto their inventory? Weakest participants probably wont. And if true then supply > demand,\u201d he noted.<\/p><\/blockquote>\n Exchange inflows increased<\/p>\n Why am I not surprised<\/p>\n Price keeps breaking down then the question has to be asked, will miners really hold onto their inventory?<\/p>\n Weakest participants probably wont<\/p>\n And if true then supply > demand<\/p>\n — XO (@Trader_XO) June 15, 2020<\/a><\/p><\/blockquote>\nAnalyst: Inflow Trend Could Suggest Supply Outweighs Demand<\/strong><\/h2>\n
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