More data indicates that this sell-off is not reminiscent of a large-scale dumping action. The two images on the left show recent data on bitcoin:native transfers into exchanges, clearly showing that the transfer volume has not been abnormal. Especially during this morning's decline, the transfer volume is the same as a normal weekend, and there has been no significant dumping activity.

From the net flow data on the right, it is also evident that there has not been an excessive backlog of Bitcoin in the past two weeks; the backlog is only slightly higher than normal. Therefore, it still does not appear to be a large-scale dumping action, but rather a series of sell-offs caused by poor liquidity.

After all, weekend liquidity is the worst, and a concentrated sell-off during this time has triggered this decline. Additionally, it rules out the possibility of being early investors' actions and resembles more the capitulation of short-term investors.

Even on weekends, such a level of sell-off is estimated to be a substantial amount of Bitcoin, without going through OTC but directly dumping in the spot market. Therefore, I remain skeptical about the possibility of insider trading and will pay close attention to whether there are any significant negative influences emerging, especially from the United States.

One @Gate, trading more markets

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到[email protected]，本平台相关工作人员将会进行核查。