As Bitcoin's price broke the historical high of $123,000 last week, the inflow of Bitcoin to exchanges also sharply increased. This surge was mainly driven by large whales and Bitcoin miners.
After the Bitcoin price peaked, the market showed a clear trend of profit-taking. CryptoQuant data shows that the daily total inflow of Bitcoin to exchanges surged from 19,000 the previous week to 81,000 on July 15, with deposits from whales being the main driver of this increase, soaring from 13,000 to 58,000 during the same period.
Meanwhile, Bitcoin miners have once again become the main sellers in the market. On July 15, after reaching a new high, the total outflow from miner wallets soared to 16,000 Bitcoins, setting a record high since April 7. According to CryptoQuant's indicators, this qualifies as an extreme outflow event. Moreover, almost all outflowing Bitcoins were transferred to exchanges, further supporting the view that miners are selling when Bitcoin prices reach new highs.
The exchange stock of Ether also experienced a similar surge, with its daily inflow approaching 2 million on July 16, the highest level since February 26, nearly doubling from a week ago. This increase in inflow occurred after Ether experienced a strong rise of 131% since early April.
In contrast, the inflow trading volume of altcoins remains steady, showing that cryptocurrency investors are not in a rush to sell. Generally, the trading volume of altcoins on exchanges tends to surge after significant market increases, which is usually a signal that traders intend to take profits, aligning with short-term price peaks or active trading periods.
For instance, in March and December 2024, such trading volumes peaked at around 120,000 transactions, marking local price tops at that time. However, the current daily trading volume of altcoins is only 21,000 transactions, indicating low market selling pressure and that altcoins may not have reached the price levels investors had in mind.
"MICA Daily｜CryptoQuant Report: Whales and Miners Sell BTC, ETH; Altcoin Trading Volume Has Yet to Catch Up" was first published on (BlockKe).
