Data tracking Binance inflows from large holders (100+ BTC) highlighted a rise in coins moving to exchanges as Bitcoin fell from $95k to near $60k.
Average monthly inflows climbed from around 1,000 BTC to nearly 3,000 BTC. There was a massive spike of about 12,000 BTC on 06 February alone.
Source: Cryptoquant
Since 01 February, seven trading days have recorded more than 5,000 BTC in daily whale inflows. That’s unusually frequent.
Spikes like these usually appear during both market tops and panic sell-offs. Right now, more people are selling – Something that is worrying as there might be less money flowing in the market.
Is pressure still building?
At the time of writing, Bitcoin was trading well below its 20-day MA near $77,000, with the crypto valued at $67,800. Here, it’s worth noting that the drop towards the $60,000-zone was followed by only a weak bounce.
Source: TradingView
The RSI was below 40, so the pace was still tilted to the downside. Meanwhile, the DMI highlighted bearish control, with the negative trend line firmly above the positive one.
So, here’s the verdict – Volatility has returned, whales are active, and the trend might be fragile.
Simply said, market bulls still have some work to do.
Final Thoughts
- Bitcoin volatility has been rising fast, with whale inflows indicating sell-side pressure.
- In bearish conditions, the $60k-zone will be a key level to watch.