Bitcoin coins move from storage crates toward a brightly lit open vault

Bitcoin Slips Below $79,000 as Exchange Supply Tests Buyers

By Isaac • September 8, 2026 8:12 am • Comments

Bitcoin has slipped back below $79,000, but the latest move is not a simple story of the entire crypto market moving in lockstep.

CoinDesk reported Bitcoin near $78,800 as BNB and several decentralized-finance tokens held up better than the market leader. That split suggests traders are rotating selectively even while Bitcoin faces renewed pressure.

Our market check put Bitcoin near $78,300, down roughly 1.5% over 24 hours. Ethereum was near $2,472 and also lower, while BNB was around $751 and modestly positive.

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Bitcoin remains the largest crypto asset by market capitalization, so weakness at the top still sets the tone even when individual altcoins buck the move.

The pressure comes after a much more active push toward $80,000. CryptoQuant reported that spot volume expanded three to four times during the rally, with Binance capturing the largest share.

The firm also saw whale inflows repeatedly exceed 2,000 BTC per hour and average deposits rise above 50 BTC.

Heavy volume is constructive when fresh demand absorbs the supply. It becomes a warning when large deposits keep arriving but price cannot advance.

That is why the exchange side of the market deserves as much attention as the headline price.

Cointelegraph’s review of CryptoQuant data says Binance reserves reached 691,658 BTC on September 2, the highest reading since November 2024. The report also puts the cost basis of short-term-holder whales near $69,000, meaning many newer large holders still have gains available to protect.

CryptoQuant separately said short-term holders had shifted from capitulation to profit-taking. Since August 17, the cohort sent roughly 467,000 BTC to exchanges, with profitable coins accounting for a much larger share of those flows.

Exchange deposits can be moved for custody, collateral, or other purposes, while BNB’s relative strength shows traders are still taking selective risks. The combination of elevated reserves, profitable newer holders, and a failed hold above $80,000 still raises the bar for the next breakout.

Bitcoin buyers now need to show they can absorb available supply without relying on a brief burst of momentum. A recovery above $80,000 with sustained spot demand would ease that concern.

Continued rejection below that level would keep the exchange overhang at the center of the market.

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