CryptoQuant says big bitcoin holders increased deposits to exchanges as prices fell
CryptoQuant reported that large Bitcoin holders increased exchange deposits following a recent price drop, signaling selling pressure.Summary
Following Bitcoin's price drop to around $80,000, onchain analytics firm CryptoQuant observed that large traders increased their deposits to exchanges. On November 21, 9,000 BTC was transferred to exchanges, with 45% coming from large deposits (100 BTC or more), pushing the average BTC deposit value to its highest level in a year. This trend was also seen on Binance, where the average deposit size rose significantly, suggesting larger holders are reducing their Bitcoin exposure. CryptoQuant concluded that these exchange flows indicate investors are selling amid the price drawdown, putting further downward pressure on the price, a conclusion supported by observing that sellers have dominated spot trading activity since early October. Furthermore, exchange activity for Ether also showed elevated levels, with the average ETH deposit value hitting a near three-year high as the token fell to $2,900, while altcoin deposit numbers remained relatively high.
(Source：The Block)