Analysis: The current selling pressure on Bitcoin is mainly coming from Coinbase, with another 3,169 BTC transferred in 1 hour ago

BlockBeats News, July 25th: On-chain data analyst Murphy stated in a post that the current selling pressure in the Bitcoin market is mainly coming from Coinbase. At around 10 a.m. this morning, 4950 BTC was transferred to Coinbase, causing BTC to drop to around $115,000; however, 1 hour ago, another 3169 BTC was transferred to Coinbase.

Analyst Murphy indicated that the on-chain data is only updated to this point. If there are no new large transfers following this, it is expected to drop to around $115,000; if the on-chain BTC transfers to Coinbase continue, it is estimated that there is still downside potential.