According to ChainCatcher, on-chain data analyst Murphy stated on social platforms that the current selling pressure in the Bitcoin market primarily comes from Coinbase. Around 10 am today, 4,950 BTC were transferred to Coinbase, and after this transfer, BTC dropped to around $115,000; however, 3,169 BTC were transferred to Coinbase again one hour earlier.
Analyst Murphy said that the current on-chain data is only updated to this point. If there are no new large transfers subsequently, it is estimated that it will drop to around $115,000; if BTC transfers to Coinbase continue, it is expected that there is still room for further decline.
