RATE Group | Spike in BTC Exchange Inflow Preceded Bitcoin Price Correction to $8.6K
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Spike in BTC Exchange Inflow Preceded Bitcoin Price Correction to $8.6K

26 May Spike in BTC Exchange Inflow Preceded Bitcoin Price Correction to $8.6K

Posted at 03:07h in Bitcoin News by

On May 24, the price of Bitcoin (BTC) dropped to $8,800 from $9,300. In the next 24 hours, it declined to as low as $8,600, leaving the top ranked digital asset on CoinMarketCap at risk of a bigger pullback.

The initial drop of Bitcoin below $9,000 coincided with a massive inflow of BTC into exchanges and Bitcoin on-chain data indicates key players were selling over the weekend.

According to data, miners, exchanges and retail investors may have led to the decline in the price of Bitcoin over the past three days.

Who is selling Bitcoin?

As cryptocurrency investor Willy Woo previously explained, the role of an exchange is to match orders between sellers and buyers. As an example, if a buyer is purchasing Bitcoin at $9,000, a seller has to be selling BTC at the same price for the trade to come through.

Woo said:

When we say traders are ‘buying’ or ‘selling’ this is a myth. Every trade is matched, every trade has a buyer and a seller. (When we say the market is buying or selling, we…

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