17K BTC Inflows Anomaly Threatens Bitcoin Recovery
Bitcoin's price rally to $90,000 after 17,000 BTC was sent to exchanges failed to materialize, but the improving spot market suggests that traders view BTC's price as bearish.
Crypto exchanges have seen a surge in Bitcoin (BTC) over the past two days, mimicking the pattern seen when the market rose in July and August 2025. More than 17,000 BTC were sent to exchanges, a sign that the current volume of sales may increase further.
Bitcoin researcher Axel Adler Jr. reported that a typical exchange of 17,000 BTC occurred between January 20 and 21, including 6,786 BTC on January 20 and 9,867 BTC on January 21.
Although the network's flow is up from normal (+296 BTC), the accumulated flow creates a supply near current levels. As a result, the move towards $89,000 to $90,000 is now considered a key resistance test.
This is consistent with Bitcoin's short-term holding SOPR, which tracks whether recent buyers are selling at a profit or loss. The seven-day SMA sits at 0.996, below the key 1.0 breakeven level. At lows near $87,500, the SOPR dropped to 0.965, indicating an average loss of 3.5% for short-term holders.
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Data points to an improving market
Glassnode data shows progress in Bitcoin spot markets. Binance and aggregate exchange Cumulative Delta (CVD) have returned to overbuy conditions, while selling pressure on Coinbase has eased. This reduction in surplus supply should technically stabilize prices, but the current level of buying is not enough.
Notably, the combined exchange rate peaked at the end of the CVD phase in April 2025, a period earlier than the regional expansion.
Crypto analyst Darkfost added that stable coin metrics support a downward trend. Following Bitcoin's correction, the Stablecoin Supply Ratio (SSR) saw its sharpest decline of the cycle, indicating that Bitcoin's market cap has fallen faster than stablecoin liquidity.
Related: Bitcoin Analysts Predict ‘Prolonged Consolidation' for BTC Price
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