Bitcoin Exchange Data Reveals Growing Selling Pressure

Recent Bitcoin exchange data highlights a concerning trend in the market. According to CryptoQuant analyst Darkfost, three key signals are contributing to the rising spot-side pressure: persistent Binance deposits, falling apparent demand, and weaker unrealized profits.

The first signal is the significant increase in Binance inflows, which have risen from 378 BTC on May 16 to 1,190 BTC by the latest reading. This represents a more than threefold increase in less than 10 days.

The second connected signal is the rebound in Binance reserves, which have increased by 16,000 BTC in one month, following a period of lower holdings. Apparent demand has also moved to its most negative level since the start of the year, with an estimate near minus 147,000 BTC.

The third signal comes from the supply of profit, with around 61% of the total supply held at a profit, which remains weak compared to typical bull-market conditions. This suggests that holders have less unrealized profit than usual during stronger market phases.