Quick Take
Roughly $200 million of Bitcoin was sold yesterday on exchanges.
A large whale from Coinbase drove the sale.
This is one of the most significant deposits onto exchanges this year; deposits to exchanges on May 30 saw $367 million.
Yesterday saw the fifth most amount of Bitcoin deposits to exchanges this year.
This coincides with a strengthening dollar at a one-month high of 104.63.
Due to a risk-off environment, and rising rates, entities may consider selling assets to fulfill their commitments.
Since the DXY represents a pledge to settle debts, individuals could potentially opt to liquidate Bitcoin or other assets to acquire dollars.
Deposits to exchanges: (Source: Glassnode)
Netflow: (Source: Glassnode)
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