Exchange Deposits Jump as Analysts Warn of Increased Volatility
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Bitcoin deposits to centralized exchanges—often a precursor for sales—spiked in the last week as BTC fell below $60,000, according to data gathered by blockchain analytics firm CryptoQuant.
Key facts
- After spending some time below $60,000, Bitcoin has rebounded moderately this week, jumping 3.5% to trade at $62,886
- Meanwhile, Ethereum gained nearly 12% this week to change hands at $1,787—about 64% off its all-time high of $4,946
- The spike coincides with Bitcoin testing the critical $60K support level, which, if breached, could take Bitcoin towards $53K, the realized price,” the CryptoQuant report from Thursday reads
- Bitcoin deposits to centralized exchanges—often a precursor for sales—spiked in the last week as BTC fell below $60,000, according to data gathered by blockchain analytics firm CryptoQuant
Summary
Bitcoin deposits spiked to nearly 50,000 BTC per day in the last week, CryptoQuant said. The average size of deposits doubled to approximately 2 BTC, pointing to action from institutional and whale investors. Historically, this level of deposits has preceded sharp price volatility. Deposits of the top crypto asset reached nearly 50,000 BTC a day, hitting that mark for only the fourth time thus far this year.