Bitcoin Sell Pressure Is Easing, But Whales Keep Dumping on Exchanges: CryptoQuant
Bitcoin exchange inflows have dropped significantly from early February highs, reducing immediate sell pressure. Average daily Bitcoin deposits on exchanges have fallen from 60,000 BTC to about 23,000 BTC over the past week. However, large holders ("whales") are now responsible for a greater share of deposits, with 64% of recent inflows coming from the top ten largest transactions—the highest proportion since 2015. This indicates whales are actively selling. The trend reflects a broader shift labeled the "great redistribution," as long-term holders transfer coins to new owners. After reaching a record high of $126,080 in October, Bitcoin has since dropped 46% to $67,582. Market sentiment and analysis suggest further downside is possible, with predictions targeting $55,000 as a potential bottom and on-chain data indicating reduced stablecoin buying power to support a rally. Prediction markets currently favor further declines over a rebound.
