BlockBeats News, July 29th, CryptoQuant analyst Axel Adler stated in a post that Bitcoin is currently trading around $64,000, with the price continuing to weaken. However, on-chain data shows that the flow of funds on exchanges remains neutral, with no clear signs of selling pressure.

Over the past 30 days, the inflow of Bitcoin to exchanges has been around 60,000 BTC, approximately 24% below the average level of the past year and close to a historical low. This indicates that the potential selling pressure entering exchanges has not increased. At the same time, the net flow of Bitcoin to exchanges is around -1,300 BTC, close to zero, indicating a balance between inflow and outflow. This suggests that exchanges have not experienced significant stacking of chips or a liquidity crunch caused by large-scale withdrawals.

Axel Adler mentioned that if the inflow of Bitcoin to exchanges continues to rise and the net flow consistently turns positive, it would signal increased selling pressure. Conversely, if the net flow remains negative and the Bitcoin balance on exchanges significantly decreases, it could lead to a liquidity crunch, providing support for prices. Currently, neither of these scenarios has occurred. Exchange fund flow data has not confirmed stronger selling pressure or generated sufficient supply scarcity to drive price increases.