BTC exchange inflows surge, analyst warns of $74K retest

An analysis suggests that short-term selling pressure is on the rise amid a sharp increase in Bitcoin deposits to major centralized exchanges (CEX). In a contribution to CryptoQuant, analyst Woo Min-gyu noted that a net 9,905 BTC flowed into CEXs on April 27 alone, the largest single-day inflow in the past 30 days. He highlighted that the CEX Whale Ratio, an indicator of large-scale investor activity, climbed to 0.707, its highest level in a week. This signifies that the top 10 deposit transactions accounted for over 70% of the total inflow volume, suggesting that whales are moving BTC to exchanges in preparation to sell. Woo added that the growing exchange reserves are a bearish signal. If this supply is not quickly absorbed by buying pressure, he warned, BTC could retest the $74,000 to $75,000 support zone in the short term.