Analysis: The current selling pressure on Bitcoin mainly comes from Coinbase, with another transfer of 3,169 BTC occurring an hour ago

ChainCatcher message, on-chain data analyst Murphy posted on social media that the current selling pressure in the Bitcoin market mainly comes from Coinbase. Around 10 AM this morning, 4,950 BTC were transferred to Coinbase, causing BTC to drop to around $115,000; however, an hour ago, another 3,169 BTC were transferred to Coinbase.

Analyst Murphy stated that the current on-chain data is only updated to this point, and if there are no new large transfers in the future, it is expected to drop to around $115,000; if the on-chain BTC transfers to Coinbase continue, further decline is anticipated.