Bitcoin exchange inflows near multi-year lows; sell pressure yet to confirm downtrend

Huoxing Finance reports that on July 29, CryptoQuant analyst Axel Adler stated that Bitcoin is currently trading around $64,000, with price continuing to weaken; however, on-chain data shows that fund flows on exchanges remain neutral, with no clear signs of selling pressure. Over the past 30 days, Bitcoin inflows to exchanges have totaled approximately 60,000 BTC, about 24% lower than the one-year average and nearing historical lows, indicating that potential selling supply entering exchanges has not increased. Meanwhile, exchange net flow stands at approximately -1,300 BTC, close to zero, suggesting a balance between inflows and outflows—exchanges are neither accumulating significant holdings nor experiencing large-scale withdrawals that would cause liquidity contraction. Axel Adler noted that if exchange inflows continue to rise and net flow turns and remains persistently positive, it would signal increased selling pressure; conversely, if net flow remains negative and Bitcoin balances on exchanges decline noticeably, it could lead to liquidity contraction and provide price support. Currently, neither scenario has materialized: exchange fund flow data neither confirms stronger selling pressure nor indicates a supply shortage sufficient to drive price increases.