Read

View

The latest bull run has helped the global crypto market to rise by roughly $150 billion in just two weeks. However, as the heat grew, selling pressure rose nonetheless, triggering a notable downtrend. 
According to data provided by CryptoQuant, there is still a possibility of a correction for the largest cryptocurrency, bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>), despite being down by 1.35% in the past 24 hours. Usually, the BTC price rise has helped the global crypto market cap to gain traction. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a> inflow mean went above 15.0 in the last hour "When multiple exchange inflows with a mean above 15 triggers, there is a strong possibility of a correction within the next few hours." by <a href="https://twitter.com/onchain_edge?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@onchain_edge</a> Link👇<a href="https://t.co/7U8qVTUG4t" target="_blank">https://t.co/7U8qVTUG4t</a>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1673190523182665729?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 26, 2023</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
Moreover, the bitcoin exchange inflow mean has risen above the average 15 BTC mark to 18.45 coins, according to CryptoQuant. This means that the average amount of bitcoins in a transaction entering the exchanges is 18.45 BTC. 
 You might also like: <a href="https://crypto.news/aave-spikes-27-whale-accumulating-ahead-of-gho-stablecoin-mainnet-launch/"> AAVE spikes 27%, whale accumulating ahead of GHO stablecoin mainnet launch </a> 
<blockquote class="wp-block-quote"> 
 “When multiple exchange inflows with a mean above 15 triggers, there is a strong possibility of a correction within the next few hours.” <cite>CryptoQuant analyst</cite>
</blockquote> 
This situation could help short-term traders gain significant profits, which might inevitably trigger a <a href="https://crypto.news/bitcoin-enters-the-unknown-zone-high-volatility-is-expected/">downtrend</a> in the crypto ecosystem. 
Furthermore, bitcoin’s price has already gained traction over the past hour, marking a 0.7% rise in the mentioned timeframe. BTC is trading at $30,500 at the time of writing. The uptrend comes as the asset’s 24-hour trading volume surges by 3% and currently stands at roughly $13 billion. 
<figure class="wp-block-image size-full">
 <img decoding="async" width="1142" height="602" src="https://crypto.news/app/uploads/2023/06/BTC-price-June-26.png" alt="High exchange inflow shows correction possibility for bitcoin - 1" class="wp-image-14172844">
 <figcaption class="wp-element-caption">
 BTC price – June 26 | Source: Trading View
 </figcaption>
</figure> 
The recent bull run comes as some of the world’s largest asset management companies have been trying to enter the crypto ecosystem. <a href="https://crypto.news/blackrock-nears-bitcoin-etf-filing-partnering-with-coinbase-custody/">BlackRock</a>, a firm with over $9 trillion under its oversight, and <a href="https://crypto.news/fidelity-may-be-considering-a-bitcoin-spot-etf/">Fidelity</a>, having $4.3 trillion under its management, have filed for bitcoin exchange-traded funds (ETFs). 
 Read more: <a href="https://crypto.news/over-25-5-million-ethereum-staked-more-eth-holders-withdrawing-from-exchanges/"> Over 25.5 million ethereum staked, more ETH holders withdrawing from exchanges </a>

High exchange inflow shows correction possibility for bitcoin

crypto.news

Other articles published on Jun 26, 2023

Bitcoin (BTC) vs. altcoins: K33 Research analysis ends to the debate

Bitcoin Surge: Global Giants Fuel ETF Frenzy with Record Inflows to BITO!

Altcoin Market Fluctuates Amidst Bitcoin Uncertainty: CEEK and LUNA Coin Analysis

Close to Billion SHIB Burned in Past Week, Here's Potential Basis for Big Burns

Solana (SOL) Price Prediction Post-SEC Claims, Tradecurve to Rise 38% By End of June

XRP Price Prediction: Will XRP Hit ATH Anytime Soon?

Join our free newsletter for daily crypto updates!