2,364 BTC valued at approximately $140 million moved to major crypto exchange
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Notably, capital inflows into the Bitcoin market are rarely this quiet, with 89% of days seeing a greater capital inflow .After reaching all-time highs of nearly $74,000 in mid-March, the confidence of new investors was tested by choppy sideways price action for several months. Throughout this process, a major portion of the Bitcoin supply has remained securely held and is in the three-month to six-month age range.
This view is supported by on-chain analytics firm CryptoQuant, which indicated that the Bitcoin market cycle indicator is again in the bear phase. This observation was made by CryptoQuant head of Research,, who also stated that from a valuation perspective, if the Bitcoin price pierces $56,000 to the downside, it stands the risk of a larger correction increase.At the time of writing, Bitcoin was down 1.05% in the last 24 hours to $59,005 amid sideways choppy trading price action in the week.
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