CryptoQuant: BTC sell-off on this election day may be less than March highs and same period in 2020
The amount of bitcoin flowing into centralised cryptocurrency trading platforms today was significantly lower than on previous US election days, which could indicate lower selling pressure around the election campaign, it was said. Julio Moreno, Head of Research at CryptoQuant, said: ‘There appears to be less selling pressure on Bitcoin from traders and investors moving money onto trading platforms compared to the last election and early 2024. Currently, daily bitcoin inflows to the trading platform are around 45,000 bitcoin, compared to a peak of 95,000 bitcoin in March 2024 and 73,000 bitcoin prior to the 2020 U.S. presidential election.’ Moreno added, ‘Bitcoin's relative strength versus torrents such as ethereum suggests that investors prefer bitcoin over other assets, especially in the face of market uncertainty.’
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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