Analyst: BTC Rebound Not Accompanied by Surge in Large Deposits

Bitcoin closed at $78,450 on September 8, continuing its rebound from around $60,000, yet there was no simultaneous surge in large deposits at spot exchanges. Data shows that the daily inflow of the top ten spot exchanges on September 8 was 5,442 BTC, which is 4.4 times that of the previous day, but only 5.1% higher than the 30-day average. The seven-day average inflow was 4,678 BTC, lower than several peaks earlier this year. The recent price rebound has not been accompanied by an abnormal increase in large deposit activity, providing limited evidence to assess the sustained selling pressure from large transfers. Attention should be paid to whether the seven-day average inflow continues to rise when prices weaken. Currently, the deposit volume on September 8 appears more like a return to recent norms rather than an extraordinary spike.

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