Bitcoin LTH Inflow on Binance Rises to 40 BTC Daily
The Bitcoin price is showing a bearish trend heading into the weekend following an October 10 market downturn. On-chain analysis indicates increased risk of further bearish pressure, possibly leading to a deeper correction in the coming weeks.
Binance Inflow Increase
- On October 17, on-chain analyst Darkfost reported a notable increase in Bitcoin inflows to Binance from long-term holders.
- The 7-day moving average (MA) of these inflows rose to 40 BTC per day from a previous 4 BTC per day.
- This sudden rise indicates significant activity from Bitcoin's oldest investor class.
Impact on Bitcoin Price
- Long-term holders control over 80% of Bitcoin's total supply, influencing price volatility through their actions.
- Increased BTC inflows to exchanges like Binance often signal potential selling activity and increased market supply.
- The recent surge in inflows may indicate a shift in long-term holder (LTH) positioning, potentially marking the start of a short-term distribution phase.
Bitcoin is currently valued at approximately $107,085, reflecting a near 2% decline over the past day.
