Bitcoin risks deeper drop if whale exchange deposits stay high: Analyst
Bitcoin whale deposits to exchanges surged to 9,000 BTC on Nov. 21, with large holders driving 45% of inflows. If it keeps up, Bitcoin could have more to fall.
Continued selling pressure from Bitcoin whales could result in the asset falling further, cautioned analysts at CryptoQuant.
Bitcoin (BTC) exchange inflows reached a peak of 9,000 on Nov. 21 as the price of Bitcoin declined to $80,600 on Coinbase, its lowest in seven months, it said in a market summary on Wednesday.
When crypto exchange inflows increase, it is often a sign that investors are preparing to sell, while the opposite is the case when exchange outflows are increasing.