From a data perspective, the exchange's inventory data over the past week has not been very friendly. Since last Friday, when the decline began, over 15,000 $BTC have been transferred to exchanges. During nearly a week, the consumption of the exchange's inventory has been very limited. As of now, there are still over 14,000 BTC that were transferred in last week remaining on the exchanges, which means that the current purchasing power may not be sufficient to absorb the incoming inventory.

Moreover, as we mentioned last week, a significant portion of the ancient whales' inventory BTC transferred to Binance, OKX, and Bybit has still not been consumed. From the detailed data, since the ancient whales started selling last week, there are still over 8,000 BTC that have not been absorbed among these three exchanges, with only Coinbase maintaining a buying sentiment.

This also indicates that the current main purchasing force is primarily from investors in the United States and U.S. time zones, while Asian investors have not only failed to increase their purchasing power on exchanges but have also shown noticeable signs of selling.

This article is sponsored by #Bitget ｜ @Bitget_zh

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