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CryptoQuant confirms bitcoin and altcoin exchange deposits have spiked, indicating higher volatility ahead
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Bitcoin, ether, and altcoin deposits to exchanges have surged, a pattern that has historically signaled periods of higher volatility across the crypto market, according to CryptoQuant.
Key facts
- Bitcoin (BTC) deposits to exchanges climbed to nearly 49,000 BTC on June 30, "a rare extreme" seen only four other times this year when daily deposits approached 50,000 BTC, Julio Moreno, head
- He said a similar spike occurred before bitcoin fell from about $82,000 in early May to below $58,000 in late June
- The spike in bitcoin deposits to exchanges coincides with bitcoin testing the critical $60,000 support level, which, if breached, could take bitcoin toward its realized price of about $53,000, Moreno
- Ether (ETH) deposits to exchanges also climbed above 1.25 million ETH in late June, which Moreno said is consistent with elevated selling pressure
Summary
Bitcoin (BTC) deposits to exchanges climbed to nearly 49,000 BTC on June 30, "a rare extreme" seen only four other times this year when daily deposits approached 50,000 BTC, Julio Moreno, head of research at CryptoQuant, said in a report. "At these inflow levels, the market is absorbing a large volume of bitcoin being repositioned to exchanges, a pattern that has historically preceded significant directional moves," Moreno wrote. The recent increase in bitcoin deposits is being driven primarily by large holders rather than retail investors, Moreno noted. Historically, spikes in average deposit size have been a more bearish signal than high deposit volumes alone because they reflect "deliberate repositioning" by larger market participants, Moreno said, noting that such moves have been a reliable leading indicator of downward price pressure.