Bitcoin (BTC) Supply At Exchanges Hit 4-Month High, Traders Hesitant to Buy the Dips
After crashing under $50,000 earlier this week, Bitcoin (BTC) is struggling to make a move northward. The world's largest cryptocurrency has lost its trillion-dollar status and continues to remain under pressure. At press time, Bitcoin is trading at a price of $49,023 with a market cap of $924 billion.
This happens as Bitcoin inflows at the exchanges continue to rise further. Traders have been depositing a large number of BTC to the exchanges, a bearish indicator that suggests liquidation. On the other hand, the USDT supply at exchanges is dropping showing lower buying interest. As on-chain data provider Santiment reports:
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