Bitcoin's price slid towards $60,000 on Wednesday as exchange inflows and ETF redemptions weighed on the market. The cryptocurrency traded near $60,400 after touching an intraday low of $60,200, down from a daily high above $63,000.
The Binance inflow of 7,600 BTC, worth around $479 million at the time, added to the selloff. Darkfost, a CryptoQuant analyst, flagged this large flow during the market decline.
Exchange inflows do not necessarily indicate immediate selling pressure, but they can signal that holders are preparing to trade or reduce their exposure. In a falling market, large inflows to major exchanges like Binance can exacerbate short-term pressure on prices as buyers must absorb fresh supply while leveraged traders cut risk.
The setup left Bitcoin exposed to a rapid downside move, with spot buyers less aggressive and exchange balances tied to potential selling increasing. The selloff was also influenced by a broader risk-off move across technology and AI-linked equities, further weakening sentiment in the cryptocurrency market.