Bitcoin: Heavy coin inflow into exchanges suggests rally in sell pressure

AmbcryptoPublicado em 2022-09-17Última atualização em 2022-09-17

Resumo

The much-anticipated Merge that proved to be beneficial for most, didn’t do anything for Bitcoin. Some Ethereum -linked assets posted double-digit gains, and BTC paid no heed. Having declined by 16% in the last month, key on-chain metrics showed that the bears are still in control of the market. Additionally, there seems to be no rally in sight for the king coin in the coming weeks.

The much-anticipated Merge that proved to be beneficial for most, didn’t do anything for Bitcoin [BTC]. Some Ethereum [ETH]-linked assets posted double-digit gains, and BTC paid no heed. According to data from CoinMarketCap, the price per BTC stood at $19,907, with a 0.8% decline in the last 24 hours.

”“

Having declined by 16% in the last month, key on-chain metrics showed that the bears are still in control of the market. Additionally, there seems to be no rally in sight for the king coin in the coming weeks.

”“

What key metrics?

”“

According to new data from Santiment, BTC witnessed a rally in its exchange inflow since the beginning of the month. Between 7 September and 14 September, 1.69 million BTC worth $33.5 billion was sent to exchanges. According to Santiment, this was the highest BTC volume moved since October 2021.

Source: Santiment

”“

A spike in this metric is usually indicative of a rally in sell pressure for a crypto asset. With more BTC moved into exchanges, further price downside could be expected.

”“

Furthermore, CryptoQuant reported that following the United States Consumer Price Index reading on 13 September there was a sudden surge in BTC exchange inflows. This led to a 10% decline in the price of the leading coin, a few hours after the reading.

Source: CryptoQuant

”“

According to the report, “majority of the bitcoin movements were from the spot exchange (Coinbase) to the derivative one (Huobi), and predominantly a 3-6-month-old whale address.”

Source: CryptoQuant

”“

Further, data from IntoTheBlock showed a significant drop in BTC Large Holder Netflow in the last month. According to IntoTheBlock Resources, large holders of a crypto asset hold more than 1% of the asset’s total circulating supply.

”“

When the large holder netflow sees a spike, it means that this category of holders is accumulating. A drop signifies a decline in the holdings of large holders. Last month, the large holder netflow for BTC declined by 100%.

”“

Furthermore, in the last 90 days, the same extent of decline has been logged. With a rally in large holder netflow usually a precursor to the spike in the price of an asset, a continued decline in BTC’s large holder netflow might occasion a further drop in its price.

Source: IntoTheBlock

Leituras Relacionadas

The Hunter Becomes the Hunted: The Most Profitable MEV Bot Gets Hacked

A well-known and highly profitable Ethereum MEV Bot, Jaredfromsubway.eth, suffered a sophisticated on-chain attack this Saturday, losing over $7.5 million. Analysis by Blockaid and others reveals this was not a conventional phishing or smart contract exploit, but a targeted "counter-MEV honeypot attack." The attacker meticulously laid a trap over several weeks, deploying 66 fake token contracts and liquidity pools disguised as major assets like WETH and USDC. These pools created the illusion of arbitrage opportunities. The MEV Bot's automated system detected these signals, executed trades, and in the process, granted approval permissions to attacker-controlled contracts. These approvals were not revoked, creating a persistent vulnerability. The attacker then exploited this in a single transaction, draining the bot's ETH, USDC, and USDT holdings. Jaredfromsubway.eth is notorious as one of Ethereum's most active and profitable MEV Bots, primarily known for executing "sandwich attacks" to profit from transaction slippage. Estimates suggest it has earned tens of millions in MEV revenue. The incident highlights escalating crypto security threats, demonstrating that even top-tier automated "predators" are vulnerable to novel, logic-based attacks designed to exploit their own operational rules. Following the hack, an unverified X account impersonating Jaredfromsubway.eth emerged, falsely offering a bounty for the return of funds, prompting developer warnings for users to stay vigilant.

marsbitHá 1h

The Hunter Becomes the Hunted: The Most Profitable MEV Bot Gets Hacked

marsbitHá 1h

Hunter Becomes the Hunted: The Most Profitable MEV Bot Gets Hacked

The prominent Ethereum MEV bot address Jaredfromsubway.eth suffered a targeted on-chain attack, losing over $7.5 million. The incident was identified as a "counter-MEV honeypot attack," where the attacker deployed numerous fake token contracts and liquidity pools over several weeks, mimicking mainstream assets like WETH and USDC to create seemingly profitable arbitrage opportunities. The MEV bot, designed to automatically detect and execute such trades, interacted with the malicious setup. During the process, it granted approvals to attacker-controlled contracts, which were not promptly revoked. The attacker later exploited these persistent permissions in a single transaction, draining the bot's holdings of ETH, USDC, and USDT. Jaredfromsubway.eth is known as one of Ethereum's most active and profitable MEV bots, primarily executing "sandwich attacks" to extract value from user transactions. Its operations have been linked to a majority of such attacks on the network. This event highlights the evolving security threats in crypto, demonstrating that even sophisticated, rule-exploiting systems can become targets of carefully designed behavioral traps. Following the theft, an impersonator account on X falsely claimed to offer a bounty for the return of the funds, prompting warnings from developers.

Odaily星球日报Há 1h

Hunter Becomes the Hunted: The Most Profitable MEV Bot Gets Hacked

Odaily星球日报Há 1h

The Reality of Payments in Latin America Is Not What You Think

The payment landscape in Latin America is undergoing a fundamental shift, driven by on-the-ground realities that challenge common perceptions. Based on over 500 hours of field research across the region, key insights emerge. Firstly, QR code payments, like Brazil's Pix, are becoming the dominant payment method in most emerging markets, overtaking cards. However, these domestic instant payment systems lack international interoperability, creating a significant gap for cross-border users. Secondly, the narrative around crypto cards is often misunderstood; their primary volume comes from high-net-worth professionals using them for salary conversions (e.g., USDT to local currency via Pix), not retail micro-payments. Competition in payments is shifting from customer acquisition to controlling the settlement layer, leading fintechs to acquire banking licenses for efficiency. Thirdly, treating "Latin America" as a single market is a mistake. Countries like Argentina, Brazil, and Mexico have distinct economic realities, user segments, and regulatory approaches. Brazil alone has at least five distinct user segments with different financial flows. Overlooked markets like Guatemala, Honduras, and El Salvador (the "forgotten five") offer high remittance volumes with lower competitive density. Finally, regulation in Latin America is often ahead of the US, with clearer frameworks for digital assets and a pragmatic approach from regulators focused on safety rather than obstruction. The margin on stablecoin forex is rapidly compressing toward zero, meaning future winners will be those building value-added services on top of the infrastructure, not just the cheapest exchange.

marsbitHá 1h

The Reality of Payments in Latin America Is Not What You Think

marsbitHá 1h

Making Music in a Bear Market: The Survival Experiment of a Bitcoin Band

"Orange Pill Jam: A Bitcoin Band's Survival in the Bear Market" Orange Pill Jam is a musical group exploring themes of financial sovereignty and privacy, born from the Bitcoin community. Formed after singer Mermaid performed her song "Dollar Apocalypse" at a 2022 conference, the band creates music intended for both Bitcoin enthusiasts and general audiences. Their creative process involves Mermaid writing lyrics and melodies, which producer/multi-instrumentalist Michi then shapes with a precise, rhythm-focused approach, often demanding numerous retakes to achieve his unique standard of timing. Their songs, like "Cypherpunks' Manifesto" and "Fire of Freedom," tackle concepts of digital privacy, the pitfalls of "free" services, and personal sovereignty, influenced by experiences in places like El Salvador. Despite operating in a crypto bear market with a Copyleft model (offering music for free sharing/remixing and accepting optional Bitcoin donations), they face practical challenges. Their growth is slow on platforms like YouTube and Spotify, which aren't optimized for their niche content. The band also navigates the rise of AI-generated music. While acknowledging AI's efficiency for certain tasks, they believe human creativity occupies a unique space that algorithms cannot replicate—the ability to create new genres and capture intangible rhythmic feeling. For Orange Pill Jam, the core argument for both Bitcoin in a downturn and human artistry in the AI age lies in this irreplaceable, intentional, and imperfectly human creative process. Their project persists as an anti-algorithm experiment, valuing the unquantifiable impact of music over scalable metrics.

marsbitHá 1h

Making Music in a Bear Market: The Survival Experiment of a Bitcoin Band

marsbitHá 1h

Google's AI Talent Loss: A Stress Test or a Prelude to an 'Obituary'?

The departure of high-profile AI talent from Google, including transformer pioneer Noam Shazeer and AlphaFold's John Jumper, has sparked debate about the company's competitive position. However, this is less a sign of decline than a pressure test typical of the pre-IPO talent wars among AI giants like OpenAI and Anthropic. Google's true strength lies not just in models but in its unparalleled full-stack position: extensive AI research, proprietary infrastructure (TPU, Google Cloud), a massive user base across products (Search, YouTube, Android), and established enterprise relationships. It is simultaneously a competitor and a key infrastructure provider for rivals. While facing the innovator's dilemma inherent to protecting its core search business, Google is aggressively integrating AI across its ecosystem. The narrative shouldn't focus on individual departures but on Google's systemic advantages—its deep talent pool, integrated product strategy, and capacity to compete across every layer of the AI stack for the long term.

marsbitHá 1h

Google's AI Talent Loss: A Stress Test or a Prelude to an 'Obituary'?

marsbitHá 1h

Trading

Spot
Futuros
活动图片

Categorias popularesright-arrow

Etiquetas Popularesright-arrow