550,000 BTC flows to Binance and OKX as Bitcoin retests $60,000

On-chain analyst Darkfost reported 550,000 BTC moved to Binance and OKX deposit addresses, the largest single exchange inflow since the 2023 bear market.

Investors have become sensitive to small price swings as Bitcoin tested the $60,000 area and moved sideways since February, Darkfost wrote on X on June 29.

More than 220,000 BTC went to Binance-linked addresses and over 330,000 BTC to OKX-linked addresses, totaling about $33 billion at current prices. Binance typically sees average annual inflows of about 60,000 BTC, while OKX averages about 95,000 BTC, making this inflow roughly 3.5 times the combined annual average.

The surge in exchange deposits raises the risk of increased selling pressure, particularly with Bitcoin trading below all major moving averages and the $60,000 level flipping from support to resistance. A sustained break below $58,500 could accelerate losses toward the next liquidity zones.

Exchange Inflows Signal Potential Sell-Side Pressure

Large transfers to exchange deposit addresses often precede selling activity, as holders move coins from cold storage to hot wallets in preparation for liquidation. The scale of this inflow — the largest since the 2023 bear market — suggests a meaningful shift in investor behavior, according to Darkfost.

Bitcoin briefly reclaimed $60,000 during early trading after easing geopolitical tensions improved risk appetite across global markets, but the move quickly reversed as sellers absorbed the buying pressure. CoinGecko data showed Bitcoin trading at $59,722 as of press time, down 0.5 percent over the previous 24 hours. The cryptocurrency has fallen 6.5 percent over the past week and 18.7 percent over the past month.

Spot Bitcoin exchange-traded funds have recorded more than $7 billion in net outflows during the past two months, reversing much of the buying demand that supported previous highs. CoinGlass liquidation data showed $147.4 million in crypto positions were liquidated during the past 12 hours, including $116.1 million in long positions compared with $31.4 million in shorts. Bitcoin accounted for the largest share at $64.3 million, while Ethereum followed with $36.7 million.

Technical Levels and What to Watch

Bitcoin is trading below its 20-, 50-, 100- and 200-day exponential moving averages, currently positioned near $62,734, $66,902, $70,542 and $76,514, respectively, leaving several layers of resistance above the current price. Volume Profile Visible Range data identified the mid-$60,000 region as the largest concentration of historical trading activity, with the area around $63,000 to $67,000 presenting a significant hurdle if Bitcoin attempts another recovery.

The daily Bollinger Bands show Bitcoin trading close to the lower band near $58,532, while the 14-day Relative Strength Index stands near 32.5, only slightly above oversold territory. That suggests downside momentum has weakened even though the trend has not yet reversed.

Liquidation data highlights where traders are positioned next. The 24-hour Bitcoin liquidation heatmap from CoinGlass shows the largest concentration of leveraged positions sitting just above $60,000, particularly between $60,200 and $60,400. Additional clusters extend toward the $60,800 to $61,200 area, indicating that a sustained move higher could trigger fresh short liquidations and strengthen bullish momentum. Support has continued building around the $58,500 to $58,700 region, with smaller liquidity pockets near $59,000.

Darkfost noted that market sentiment is caught between fear of missing a rally and fear of further losses, which could lead to irregular trading behavior. The 550,000 BTC inflow does not guarantee an immediate sell-off, but the scale of the movement relative to historical averages is a clear warning signal for the market's ability to hold current price levels.

This article is for informational purposes only and does not constitute investment advice.