Bitcoin Faces Prolonged Bearish Pressure on Binance
- The Bitcoin price has been under sell pressure on Binance for the past 48 days, starting with mild selling on April 19.
- Binance reserves increased from approximately 619,529 BTC to around 659,488 BTC, marking a growth of about 39,958 BTC during this period.
- On June 2, the daily adjusted net inflow peaked at +8,791 BTC with a seven-day moving average rising to +0.844.
- By June 5, the daily adjusted inflow decreased to +1,679 BTC and the seven-day moving average compressed to +0.691.
- Whales accounted for an average of about 46.76% of Binance inflows during this bearish period.
The continuous increase in Bitcoin reserves on Binance indicates sustained sell pressure over the last several weeks. Despite high whale participation in inflows averaging nearly half of all transactions, it does not align with typical institutional distribution patterns.
The recent decline in both daily and seven-day average net inflows suggests a potential shift in market dynamics but remains inconclusive regarding future trends (Source).
