An analysis suggests that short-term selling pressure is increasing due to a surge in BTC deposits to major centralized exchanges (CEX). Cryptocurrency analyst Woominkyu, in an analysis contributed to CryptoQuant, stated, “On the 27th alone, 9905 BTC flowed into CEX, which is the largest amount in the last 30 days. In particular, the ‘CEX Whale Ratio,’ which indicates whale activity, rose to 0.707, reaching its highest level in a week. This means that the top 10 deposit transactions accounted for more than 70% of the total deposits, suggesting that whales are moving BTC to exchanges in preparation for selling. The increasing exchange reserves are also a bearish sign. If these volumes are not quickly absorbed by buying pressure, the 74,000-75,000 dollar support range could be retested in the short term.”
