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BTC Bitcoin's rebound failed to trigger large-scale exchange transfers
In the early summer of this year, Bitcoin prices rebounded from a low of about $60,000 and closed at $78,450 on September 8. However, the large inflows of cash exchange funds previously expected by the market did not materialize. According to CryptoQuant analyst Woominkyu, current data does not indicate a significant increase in continued selling pressure triggered by large transactions.
Are Bitcoin exchange inflows at normal levels?
As the views shared by Woominkyu show, capital inflows to the spot exchange do remain within regular ranges. Data showed that the total inflow of the top ten bitcoin exchanges on September 8 was 5,442 BTC, which was 4.4 times higher than the previous day, but only 5.1% higher than the 30th average. In addition, the recent seven-day average inflow was 4,678 BTC, below many peaks earlier this year.
The long-term chart also shows that the recovery in Bitcoin prices has not been accompanied by unusually large exchange transfers. According to Woominkyu's assessment, the increase on September 8 was a return to normal rather than an influx of huge amounts of money.
Looking to the future, it is crucial to closely monitor the trend of BTC prices and the direction of capital inflows on the exchange. If the seven-day average inflow continues to rise against the backdrop of weakening prices, it may indicate that potential selling pressure is increasing.
Iran liberalizes the use of cryptocurrencies to boost trade revenue?
Yes, Iran has taken decisive steps in promoting the use of cryptocurrencies in foreign trade. According to sources cited by the Financial Times, in the face of tightening U.S. sanctions, Iran's Central Bank is encouraging companies to repatriate overseas earnings back home through cryptocurrencies such as Bitcoin and Tether's USDT.
Companies note that in recent months, authorities have relaxed foreign exchange controls to allow cross-border transactions through crypto exchanges in Iran. Previously, exporters were forced to repatriate most of their earnings through government-run platforms at below-market exchange rates, prompting funds to stay overseas or generate undeclared income.
With recent policy changes, companies can now exchange foreign currencies at market exchange rates and use export earnings for import purchases without going through official system channels. Iranian officials estimate that undeclared income stored domestically and internationally exceeds $100 billion. In addition, Alireza Bozorgmehri of the Iranian Digital Transformation Association pointed out that the central bank has relaxed its censorship of crypto exchanges.
As early as 2022, Iran used cryptocurrency to pay an import order worth US$10 million. However, these cryptocurrency payment methods still face the risk of U.S. sanctions. In July, the United States sanctioned four wallet addresses linked to the Central Bank of Iran, causing Tether to freeze $131 million in USDT. In August, the United States further expanded the scope of measures to cover cryptocurrencies, gold, maritime logistics and technology.
Since February, Iran's $7.8 billion underground cryptocurrency economy has attracted much attention amid ongoing tensions with the United States. Despite relying on state-backed bitcoin mining and stablecoins to circumvent the U.S. dollar, reports indicate that companies still tend to remit funds back through currency exchanges in neighboring countries.
