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On-chain analyst: The flow of Bitcoin on Binance may indicate selling pressure in the coming one to two weeks.
According to ChainCatcher news, NewBTC reported that on-chain analyst BorisVest stated that based on the analysis of fund flows on Binance, the price of Bitcoin may face selling pressure in the next one to two weeks. Data shows that the net flow of Bitcoin on Binance has turned positive, while the outflow has decreased. This trend indicates that Bitcoin is in the distribution phase. Additionally, Binance's trading reserves continue to rise, suggesting that investors are sending their Bitcoin to the exchange to sell for profits. BorisVest pointed out that Binance's massive trading volume plays a crucial role in influencing the reasons and ways of the cryptocurrency market, so as new buyers enter, the whales' dumping often puts great selling pressure on Bitcoin prices.