On April 27, Bitcoin ($BTC) experienced its highest net inflows to cryptocurrency exchanges in the last month, driven primarily by large investors known as whales.
Data from CryptoQuant indicates that on Monday, over 9,905 $BTC, worth more than $754.4 million at the time of reporting, flowed into exchanges. The exchange whale ratio—reflecting the proportion of inflows attributed to the top ten deposits—rose to a peak of 0.707 over the past week. This suggests that significant holders of $BTC were responsible for these inflows.
This surge in net flows resulted in an increase in crypto exchange holdings from 2.666 million $BTC on April 25 to approximately 2.677 million $BTC by April 28. This uptick coincided with a halt after nine consecutive days marked by cash inflows into spot Bitcoin exchange-traded funds (ETFs).
The U.S.-based spot $BTC ETFs had reported a substantial net influx exceeding $2.1 billion between April 14 and April 24; however, they faced a reversal with a net outflow amounting to $263.18 million on Monday according to data from SoSoValue.
A Shift in Trend as Bitcoin Prices React to Whale Sell-Offs
The recent sell-off activity among whale investors has indicated a potential shift in trends for Bitcoin prices. For the first time since early April, it has consistently closed below its logarithmic trendline support within the last day and was trading around $76,166 at publication time.
This chart shows fluctuations for$ BTC / USD within one hour.Source: TradingView
The renewed selling pressure exerted by whales has dampened bullish momentum that was largely supported by derivatives markets as noted by Finbold.The outlook remains bearish for$ BTC , potentially falling below $60 ,000 if this selling continues unabated.
FAQ:
- What caused the spike in Bitcoin’s exchange net inflow?
- The surge was primarily driven by large investors or whales who contributed significantly through their deposits into exchanges.
- How much did U.S.-based spot ETFs experience during this period?
- Bases reports indicate they had an impressive influx exceeding $2 billion before facing an outflow of about $263 million recently.
- <strong What does it mean when we say there is bearish sentiment around BTC prices?
- This indicates expectations among traders and analysts that prices may decline further due to various factors including selling pressures from major holders like whales.