Data Tracks Binance Inflows from large holders (100+ BTC) highlighted an increase in the number of coins moving to exchanges, while Bitcoin fell from $95,000 to almost $60,000.
The average monthly inflow increased from around 1,000 BTC to almost 3,000 BTC. On February 6 alone there was a huge spike of around 12,000 BTC.
Source: Cryptoquant
Since February 1, seven trading days have recorded more than 5,000 BTC in daily whale inflows. That happens unusually often.
Such spikes usually appear during both market tops and panic sell-offs. More people are selling at the moment – something that is worrying as there may be less money flowing into the market.
Is the pressure still building?
At the time of writing, Bitcoin was trading well below its 20-day MA, almost $77,000, with the crypto valued at $67,800. Here it is worth noting that the decline towards the $60,000 zone was followed by only a weak rebound.
Source: TradingView
The RSI was below 40, so the pace was still biased downward. Meanwhile, the DMI emphasized bearish control, with the negative trendline firmly above the positive one.
So here’s the verdict: Volatility has returned, whales are active, and the trend could be vulnerable.
Simply put, market bulls still have some work to do.
Final thoughts
- Bitcoin volatility has risen rapidly, with whale inflows indicating pressure on the sell side.
- In bearish conditions, the $60k zone will be an important level to watch.