Analysts at Cryptoquant noted that last week, when Bitcoin fell to a seven-month low of around $87,000, with centralized trading platforms experiencing a «major holder frenzy.»
On November 21, 9000 BTC entered the exchanges, with 45% of this inflow coming from large deposits exceeding 100 BTC.
Experts attribute this trend to increasing selling pressure from long-term holders and large traders, which could prolong the current market weakness. On-chain charts included in the report demonstrate a clear divergence between the increase in inflows and the decline in price dynamics.
The researchers added that the average Bitcoin deposit reached a yearly high of 1,23 BTC, up from 0,6 BTC in just a week. In particular, Binance There was a jump from an average of 12 BTC to 37 BTC, as large holders reduced their risks.
Situation according to Ethereum Similar, albeit more sedate, dynamics. According to Cryptoquant, the overall inflow of ETH to exchanges increased less sharply, but large deposits dominated. The average daily deposit of 41,7 ETH was the highest in three years.
The situation with other altcoins is particularly lively: the July average of over 40,000 altcoin deposits increased to 78,000 on October 17. Cryptoquant interprets this as a reaction to overall market turbulence.
Researchers believe the market is still digesting these flows, and until that process is complete, prices may remain under pressure.