Since the beginning of September, 10 transfers of 8,500 BTC have been made on average to Exchanges.
There is a sales pressure of around USD 10,000 million, which impacts the price of BTC.
Hours before the fallcoin fall (BTC) below the USD 113,000, a stash of 1,400 coins moved to cryptocurrency exchanges, a sign commonly interpreted as a movement prior to sale.
As can be seen in the following graphic provided by Cryptoquant, 1,401 BTC accumulated by holders between 2 and 3 years old were removed from their wallets to exchanges Sunday, September 21.
For Cryptoquant analyst that is identified as “Darkfos,” these movements generated today’s Bitcoin price correction. “There are few doubts about it,” affirms.
The movement by these holders is not isolated. Since the beginning of September, the Bitcoin Holders with between 6 and 12 months old have made several shipments to exchanges, between 8,000 BTC and 9,000 BTC. The average is located at 8,500 coins per movement.
With a reference price of USD 115,000, this behavior represents about USD 10,000 million in sale pressure, calculate Darkfos, suggesting that there is an important trend that prevents BTC from increasing price.
This Monday, BTC is negotiated by the order of the USD 112,600, according to the Cryptootic price calculatora drop of 2.34% so far this day. Such bearish performance has been reflected in the market in general, seeing record settlements in long positions that the USD 1.7 billion reached. This volume of liquidations shows the magnitude of the impact that the sales pressure exerted on the derivative market.