Stablecoin

Bitcoin

April

when

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Crypto exchanges saw a surge in Bitcoin (BTC) flows over the past two days, emulating a pattern seen when the market topped in July and August 2025. A total 16,653 BTC was sent to exchanges, potentially a sign that the current sell-off could deepen.Bitcoin researcher Axel Adler Jr. <a href="https://axeladlerjr.com/17k-btc-to-exchanges-in-2-days-the-90k-breakdown-was-premeditated/" rel="noopener noreferrer nofollow">said</a> that the atypical BTC exchange inflow occurred Tuesday and Wednesday, including 9,867 BTC on Tuesday and 6,786 BTC on Wednesday. This sharply contrasts with January’s average daily netflow range of -2,000 to +2,000 BTC.<figure><img alt="Coinbase, Cryptocurrencies, Bitcoin Price, Adoption, Markets, United States, Cryptocurrency Exchange, Binance, Price Analysis, Market Analysis" src="https://s3.cointelegraph.com/uploads/2026-01/019be639-c9fe-7169-bb6d-db0f4fd57b0e.png" title=""><figcaption>Bitcoin exchange netflows. Source: CryptoQuant/Axel Adler Jr. </figcaption></figure>Although the netflow has since normalized (+296 BTC), the accumulated inflows create a supply overhang near current levels. As a result, the current move toward $89,000 to $90,000 is viewed as a key resistance test.This aligns with Bitcoin’s short-term holder SOPR, which tracks whether recent buyers are selling at a profit or a loss. The seven-day simple moving average (SMA) sits at 0.996, below the key 1.0 break-even level. At the recent price low near $87,500, the SOPR dropped to 0.965, implying an average 3.5% loss for short-term holders.<a href="https://cointelegraph.com/news/bitcoin-diamond-hand-btc-selling-not-repeat-2017-2021-research" rel="noopener noreferrer nofollow">Related: Bitcoin diamond hand BTC selling not ‘repeat of 2017, 2021,’ research warns</a><h2 id="data-points-to-an-improving-market">Data points to an improving market</h2>Glassnode <a href="https://insights.glassnode.com/the-week-onchain-week-03-2026/" rel="noopener noreferrer nofollow">data</a> shows improvement in Bitcoin’s spot markets. Binance and aggregate exchange cumulative volume delta (CVD) also have rotated back toward buy-dominant conditions, while selling pressure on Coinbase has stabilized. This reduction in overhead supply should technically stabilize prices, but the current level of buying is insufficient.<figure><img alt="Coinbase, Cryptocurrencies, Bitcoin Price, Adoption, Markets, United States, Cryptocurrency Exchange, Binance, Price Analysis, Market Analysis" src="https://s3.cointelegraph.com/uploads/2026-01/019be63a-ec82-77ef-a7ef-556d289cbbfc.png" title=""><figcaption>Spot CVD bias for all exchanges. Source: Glassnode</figcaption></figure>Notably, the aggregated exchange spot CVD level has reached highs last seen in April 2025, a period that previously preceded range expansion.Crypto analyst Darkfost <a href="https://cryptoquant.com/insights/quicktake/696e08e4c262194c0f2b523c-Stablecoins-hint-at-market-imbalances-and-potential-BTC-bottom" rel="noopener noreferrer nofollow">wrote</a> that the stablecoin metrics support a potential bottoming process. Following Bitcoin’s correction, the Stablecoin Supply Ratio (SSR) saw its sharpest drop of the cycle, indicating Bitcoin’s market cap fell faster than stablecoin liquidity.<figure><img alt="Coinbase, Cryptocurrencies, Bitcoin Price, Adoption, Markets, United States, Cryptocurrency Exchange, Binance, Price Analysis, Market Analysis" src="https://s3.cointelegraph.com/uploads/2026-01/019be63d-043d-7071-abce-4ee4c4e569bb.jpg" title=""><figcaption>Stablecoin supply ratio oscillator. Source: CryptoQuant</figcaption></figure><a href="https://cointelegraph.com/news/bitcoin-analysts-predict-prolonged-consolidation-for-btc-price" rel="noopener noreferrer nofollow">Related: Bitcoin analysts predict ‘prolonged consolidation’ for BTC price</a>

Bitcoin's 16.7K inflow to exchanges raises alarm: Will BTC’s sell-off deepen?

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