Data shows that whales have been depositing coins to exchanges at an increasing rate, signaling the potential for upcoming volatility.
The Bitcoin price has been relatively stagnant in the past few days, hovering around $19,000 without much movement.
This might all be about to change soon as whales appear to have sent a huge amount of BTC to spot exchanges.
Data from the popular cryptocurrency analytics resource CryptoQuant reveals that the inflows to spot exchanges have soared.
This comes mainly from whale addresses holding between 100 and 1000 BTC, who have been sending BTC to exchanges in large quantities.
Commenting on the matter was a CryptoQuant analyst, who said:
It seems that whales want lower prices for Bitcoin. Transferring from wallets that have from 100 to 1000 Bitcoin in large quantities to the spot exchanges a while ago, the price could press down more and it could be a distribution to different wallets.
But on the downside, I expect the negative scenario and take caution.
Source: CryptoQuant
Meanwhile, the predominant sentiment on the market remains extreme fear. In fact, it has been increasingly fearful throughout the past few days as most of the cryptocurrencies trade within a narrow range with slow declines.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
