Continuous selling pressure from Bitcoin whales may lead to further declines in the asset, analysts at CryptoQuant warn.
According to their market summary on Wednesday, Bitcoin's exchange inflow reached a peak of 9,000 coins on November 21, while the price of Bitcoin on Coinbase fell to $80,600, marking a new low in seven months.
When the inflow of cryptocurrency to exchanges rises, it often indicates that investors are preparing to sell; conversely, an increase in outflows typically suggests the opposite.
CryptoQuant's data shows that 45% of the total Bitcoin inflow to exchanges comes from large deposits of 100 Bitcoins or more, with a single-day high of 7,000 Bitcoins. This indicates that the whale group is transferring coins to exchanges in preparation for selling.
This has pushed the average BTC deposit value in November to 1.23 BTC, the highest level in a year.
CryptoQuant also noted on Wednesday that Binance's stablecoin reserves have just reached a historic high of $51 billion; meanwhile, the inflow of Bitcoin and Ethereum this week, led by Binance and Coinbase, has surged to $40 billion.
Higher stablecoin reserves on exchanges mean that funds are rotating from Bitcoin and altcoins to dollar-pegged assets, with capital typically waiting on the sidelines until market participants are ready to re-enter.
Earlier this week, analyst James Check pointed out that there is still leverage in the market that has not been cleared. "If the price spikes to the $70,000-$80,000 range to clear the last pockets of leverage, we wouldn't be too surprised," he said.
Meanwhile, BitMine Chairman Tom Lee has downplayed his $250,000 Bitcoin target, now stating that even a return to historical highs within the year is just "maybe."
The analysis platform also observed that the inflow trend for Ethereum is similar, "although the total inflow has not surged significantly."
As selling intensifies, the scale of other altcoins flowing into exchanges this month has also increased, causing many of these coins to be pushed back to bear market lows.
Earlier this week, 10x Research stated that Bitcoin's "strategic, oversold rebound is still unfolding," identifying $92,000 and $101,000 as key resistance zones to watch.
At the time of writing, Bitcoin had recovered to $90,000 and was trading slightly above that level.
Related: Animoca bets on altcoin rise to attract investors, plans for an initial public offering (IPO)
Original article: “Analysts: If Whales Continue to Deposit Bitcoin to Exchanges, BTC May Face Deeper Declines”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
