Volatility Incoming? Bitcoin Exchange Inflows Skyrocket

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The Bit­coin price has been rel­a­tive­ly stag­nant in the past few days, hov­er­ing around $19,000 with­out much movement.

This might all be about to change soon as whales appear to have sent a huge amount of BTC to spot exchanges.

  • Data from the pop­u­lar cryp­tocur­ren­cy ana­lyt­ics resource Cryp­to­Quant reveals that the inflows to spot exchanges have soared.
  • This comes main­ly from whale address­es hold­ing between 100 and 1000 BTC, who have been send­ing BTC to exchanges in large quantities.
  • Com­ment­ing on the mat­ter was a Cryp­to­Quant ana­lyst, who said:

It seems that whales want low­er prices for Bit­coin. Trans­fer­ring from wal­lets that have from 100 to 1000 Bit­coin in large quan­ti­ties to the spot exchanges a while ago, the price could press down more and it could be a dis­tri­b­u­tion to dif­fer­ent wallets.

But on the down­side, I expect the neg­a­tive sce­nario and take caution.

img1_abramchart
Source: Cryp­to­Quant

 

  • Mean­while, the pre­dom­i­nant sen­ti­ment on the mar­ket remains extreme fear. In fact, it has been increas­ing­ly fear­ful through­out the past few days as most of the cryp­tocur­ren­cies trade with­in a nar­row range with slow declines.
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