**[Analysis: Bitcoin Exchange Inflows Near Multi-Year Lows, Current Downtrend Lacks Sell Pressure Confirmation]** BlockBeats News, July 29: CryptoQuant analyst Axel Adler stated in a post that Bitcoin is currently trading near $64,000, with prices continuing to weaken. However, on-chain data shows that exchange fund flows remain neutral, with no significant sell pressure signals observed yet. Over the past 30 days, Bitcoin exchange inflows have totaled approximately 60,000 BTC, about 24% lower than the average level of the past year and near historical lows, indicating that the potential sell-side supply entering exchanges has not increased. At the same time, exchange net flow (Netflow) is approximately -1,300 BTC, close to the zero axis, suggesting that inflows and outflows are essentially balanced. This indicates that exchanges have neither experienced significant accumulation of coins nor faced liquidity contraction caused by large-scale withdrawals. Axel Adler noted that if exchange inflows continue to rise and Netflow turns consistently positive, it would signal increased sell pressure. Conversely, if Netflow remains consistently negative and exchange Bitcoin balances decline significantly, it could lead to liquidity contraction, providing support for prices. Currently, neither scenario has materialized. Exchange fund flow data has neither confirmed stronger selling pressure nor indicated a supply squeeze sufficient to drive prices upward. [Original Link]