One of the active analysts at CryptoQuant says that some of the Bitcoin whales have recently deposited a relatively large amount of this digital currency into exchanges. He says that this flow can be a prelude to increased downward pressure on the price.
To Report Cryptopotato, the Bitcoin market has been relatively stagnant in recent days and the price has not shown significant fluctuations. This dull trend has been accompanied by very minor price fluctuations in the $19,000 range.
However, this trend may continue to change; Because the whales of this digital currency are depositing bitcoins to spot exchanges in large amounts.
Data from the analytical platform CryptoQuant shows that Bitcoin deposits from whale addresses to exchanges are increasing.
According to AbramChart, one of the active analysts on the platform, addresses with balances between 100 and 1,000 bitcoin units have recently deposited a large amount of this digital currency into exchanges.
This analyst says:
Whales seem to want lower prices for Bitcoin than this. Depositing a large amount of Bitcoin from addresses with a balance between 100 and 1,000 units to spot exchanges in recent hours can put more downward pressure on the price and cause these units to be distributed among different addresses. Assuming the market goes down, I expect a negative scenario and exercise caution.
Meanwhile, sentiment on the market continues to indicate a “severe fear” situation. In fact, the limited volatility of digital currencies with a downward slope over the past few days has intensified the fear in the market.