Analyst: The market absorbed about 220,000 BTC last week, and net exchange outflows indicate buyers have the upper hand.

PANews October 12 news, CryptoQuant analyst Axel Adler stated that last week the Bitcoin market absorbed a total of 220,374 BTC, while exchange netflow recorded -3,863 BTC.

Adler pointed out that although a large amount of BTC still flowed into exchanges during the period, the negative exchange netflow means that the amount of BTC flowing out of exchanges exceeded the amount flowing in, reflecting that buyer demand in the market was higher than seller selling pressure.

He stated that the current market is still able to absorb new supply against the backdrop of relatively high capital flows, indicating that some investors are taking on the market's selling pressure. However, exchange flows and changes in market supply and demand still need to be continuously observed to determine the direction of the subsequent market trend.