The significant increase in transfers made by Bitcoin (BTC) whales to exchanges is triggering selling pressure, indicating correction signals in the market.
As the price of Bitcoin reaches record levels, the transfers of Bitcoin made by large investors to exchanges have recently risen significantly. The CryptoQuant analyst tracking the transactions of investors holding large amounts of Bitcoin, known as whales, stated that the monthly inflow to exchanges has experienced a significant increase.
According to the CryptoQuant analyst, during the previous two major market peaks, whale inflows exceeded an average of $75 billion on a monthly basis, which triggered the onset of market corrections. Currently, between July 14-18, the monthly Bitcoin inflows from whales rose from $28 billion to $45 billion. Although it is thought that the recently occurred transfer of 80,000 BTC may have influenced this process, it is clearly seen that whales are realizing profits at the new price peak.
The analysis emphasized that daily inflows have started to decline again, highlighting this as an important development. If this downward trend in daily inflows continues, it may be possible for the selling pressure created by whales to ease somewhat.
However, the CryptoQuant analyst pointed out that whales have significantly exerted selling pressure on the market during previous peaks, inviting investors to remain cautious. The CryptoQuant expert underscored the need to closely monitor this trend, stating that the direction of selling pressure could determine market movements.
