Analyst: 41% of BTR supply hit Bithumb during crash

On-chain analyst EmberCN has identified a massive influx of Bitlayer (BTR) tokens onto the South Korean exchange Bithumb as the primary driver behind the token's recent price collapse. According to the analyst, BTR's price plummeted 80% yesterday, falling from $0.2 to approximately $0.04. EmberCN noted that during the 24 hours following the start of the decline, 140 million BTR—equivalent to 41% of the token's total circulating supply—were transferred to Bithumb, concentrating sell-side pressure on the platform. According to CoinMarketCap, BTR is currently trading at $0.04158, down 70.9%.