Traders are nervous, data suggests, and a further drop could spark a chain reaction as exchange users rush to liquidate their BTC holdings.
Bitcoin (BTC) could be on the verge of a retail major sell-off as exchange inflows spike to almost three-and-a-half-year highs.Data from on-chain analytics platform CryptoQuant shows users of 21 major exchanges sending coins to their wallets en masse on June 14.Major exchanges finish up 83,000 BTC in a single dayAs BTC/USD fell to lows of $20,800, panic appeared to set in among traders, and despite a reversal that at one point topped $23,000, few seemed willing to trust that the worst was over.Since then, spot price action has returned to near $21,000, while 24-hour exchange inflows reached 59,376 BTC.According to CryptoQuant data, this is the largest daily inflow since November 30, 2018.
