CryptoQuant, a platform specializing in cryptocurrency analytics, has uncovered that the recent surge of Bitcoin transfers to exchanges is primarily driven by large investors who have recently acquired Bitcoin, rather than long-term holders.
Examining on-chain data from when Bitcoin was priced around $65,800 reveals that 70.41% of the Bitcoins moved onto exchanges belonged to sizable investors. Yet, within this category, there is a notable split.
The data indicates that large investors who recently purchased Bitcoin have transferred nearly 138,000 BTC to exchanges—representing almost all current inflows. Conversely, those holding Bitcoin for an extended period contributed only about 7,500 BTC in transfers. This pattern implies that selling pressure mainly arises from newer buyers offloading their holdings at a loss instead of seasoned holders taking profits. Meanwhile, since January the total volume of Bitcoin held on exchanges has climbed by over 32,000 BTC to reach approximately 2.75 million BTC.
The main macroeconomic factor fueling this selling trend was the hike in global tariffs up to 15%. This move heightened risk aversion across markets as investors sought refuge in gold; consequently, Bitcoin lost its $65K support level and dropped roughly 4-5% within a day. The price decline triggered liquidations worth hundreds of millions in leveraged positions and forced newly active large investors into defensive stances.
CryptoQuant’s insights suggest that this wave of deposits onto exchanges is largely due to new major players exiting with losses rather than profit-taking by long-standing holders. Ongoing macroeconomic uncertainties are accelerating these dynamics with $60K emerging as an important short-term support threshold. Whether inflows into exchanges ease soon will be crucial for determining where Bitcoin’s price heads next.
This content does not constitute financial advice.