Bitcoin selling on CEXs dominated by profitable coins as price nears cost basis, analyst says

About 35,400 profitable BTC moved into centralized exchanges in the past 24 hours, the highest level in nearly two months, while only around 4,600 loss-making coins flowed out, putting the profit/loss outflow ratio at roughly 7.5:1, CryptoQuant analyst Axel wrote on Jan. 17. Axel noted this structure indicates market selling pressure is mainly driven by profit-taking rather than panic selling from losing positions, with investors who bought in the $85,000–$92,000 range using prices approaching their cost basis to lock in gains. Charts show losses compressed to very low levels at the same time profit-taking has become active, and while a reversal in the profit/loss ratio that puts loss-driven selling in control would intensify a bearish scenario, such a shift is not a foregone conclusion as Bitcoin currently tests its cost basis zone under heavy supply from winning positions, he added.