Analysts from CryptoQuant see current Bitcoin metrics indicating potential shifts in market dynamics. Bitcoin has seen an increase in exchange reserves by 20,000 BTC, hinting at potential selling pressure as more Bitcoin is deposited for trading. This could lead to short-term volatility, especially with a recent 7% price decline.
Netflows across exchanges have turned positive, with a net increase of 15,800 BTC, suggesting increased trading activity or profit-taking. These changes may also reflect growing investor caution, signaling a possible price correction. Meanwhile, Bloomberg reports increased Bitcoin interest in South Korea amidst political turmoil, particularly noted in the "Kimchi Premium."
This metric shows a 3-5% premium on Upbit compared to Coinbase. The political crisis, including the impeachment of President Yoon and Acting President Han, has stirred financial markets and boosted crypto activity. South Korea remains a major retail crypto market, significant due to strict regulations and the "Kimchi Premium." Currently, BTC is at $93,938, down 2.5% in 24 hours, with a support level at $92,000.
