The Bitcoin price rally to $90,000 failed to hold after 17,000 BTC were sent to exchanges, but an improving spot market suggests that traders view BTC’s current pricing as discounted.
Crypto exchanges saw a surge in Bitcoin (BTC) flows over the past two days, emulating a pattern seen when the market topped in July and August 2025. More than 17,000 BTC was sent to exchanges, potentially a sign that the current sell-off could deepen.
Bitcoin researcher Axel Adler Jr. said that the atypical 17,000 BTC exchange inflow occurred between Jan. 20 and 21, including 9,867 BTC on Jan. 20 and 6,786 BTC on Jan. 21. This sharply contrasts with January’s average daily netflow range of -2,000 to +2,000 BTC.
Although the netflow has since normalized (+296 BTC), the accumulated inflows create a supply overhang near current levels. As a result, the current move towards $89,000 to $90,000 is viewed as a key resistance test.
