According to CryptoQuant, the amount of bitcoin flowing into centralized cryptocurrency exchanges today was significantly lower than on previous U.S. election days, which could indicate a lower level of selling pressure surrounding election activity.
Julio Moreno, head of research at CryptoQuant, said: "There appears to be less selling pressure on Bitcoin from traders and investors moving money into trading platforms compared to the last election and early 2024. Currently, daily bitcoin inflows into trading platforms are around 45,000 bitcoins, compared to a peak of 95,000 bitcoins in March 2024 and 73,000 bitcoins before the 2020 US Presidential Election."
Mr. Moreno added: "The relative strength of Bitcoin over counterfeit products such as Ether suggests that investors prefer Bitcoin over other assets, especially in the face of market uncertainty."
CryptoQuant: BTC selling on this election day may be lower than the March high and the same period in 2020
2024-11-05 16:59:52
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