(CryptoQuant) Major crypto exchanges recorded 83,481 net Bitcoin inflows on June 14, the highest since the 2018 influx.
The heightened inflows are a sign of investors exiting their positions and sending funds to the exchanges. In 2018, when exchange flows hit such a high level, the price crashed 84% to $3,100 from the all-time high of $20,000.
CryptoQuant data is already showing that at least 21 major crypto exchanges experienced inflows on June 14.
The strong inflows come as Bitcoin touches a low of above $20,000. Traders may have panicked for further decline amid growing concerns of a faster action by the Fed in economic tightening.
Concerns now turn to whether Bitcoin will succumb to sell-side pressure and crumble below the $20,000 bottom. If history repeats itself, a drawdown of around 84% will see Bitcoin claim the $11,000 price level.
CryptoQuant CEO Ki-Young Ju believes that derivative traders account for the largest selling pressure. He says Binance also accounts for the selling pressure, with unmoved coins which became active after remaining dormant.
BTCUSD is down -8.66%.
