Bitcoin Price Faces Renewed Selling Pressure as Exchange Reserves Rise
Bitcoin's price is facing renewed selling pressure near $62,000 as reserves on major exchanges rise. According to CryptoQuant data, Binance saw a 1.45% increase in reserves over one week, from 662,000 BTC to 671,600 BTC. Kraken reserves increased by 3.48%, reaching 154,500 BTC, while Bitstamp's reserves jumped 41.67% on Friday, August 14.
The rise in exchange reserves could make a short-term recovery harder for Bitcoin if additional supply reaches the market while price remains under pressure. Despite this, evidence of whale accumulation has emerged during what some analysts describe as a late bear market.
Data from Alphractal showed the Bitcoin Whale vs. Retail Delta falling to its lowest reading in 61 days, indicating that whales are cutting leveraged long exposure while smaller traders remain long. The Coinbase Premium Index has also remained negative for over three months, signaling weak U.S. demand.