BTC Wallet Inflows Spike, Raising Market Exhaustion Fears

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Right now, even minor price moves are enough to flip sentiment from fear to optimism without changing broader short-term trends.

More than 106,000 BTC flowed into Binance deposit addresses on April 21, with another roughly 130,000 BTC hitting OKX, volumes not seen since the tail end of the last bear market, according to on-chain analyst Darkfost.

The timing is worth paying attention to, as Bitcoin has been grinding sideways for nearly three months now, and the data suggests the market may be running out of patience before it runs out of sellers.

What the Exchange Inflows Signal
For context on the numbers, Binance averages around 44,000 BTC in daily deposit-address inflows across the year, and OKX averages around 74,000, meaning Tuesday’s readings were more than double those baselines on both exchanges.

Darkfost was clear about what these flows actually represent. When someone decides to sell on an exchange, their Bitcoin typically travels first to a deposit address before the platform sweeps it into its operational wallet. So the spike is not noise; it is a trail left by holders getting ready to sell.

He also said that it shows that traders can’t decide whether to be hopeful about a new uptrend or scared of losing more money.

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