Bitcoin Exchange Deposits Soar to Pre-Volatility Levels

CryptoQuant's data reveals that Bitcoin deposits to centralized exchanges spiked last week as BTC fell below $60,000.

The top crypto asset saw nearly 50,000 BTC deposited per day, a level reached only four times this year. Historically, such inflows have preceded significant price volatility.

Not only did the quantity of deposits increase, but so did their size. The average Bitcoin deposit doubled from 1 BTC to 2 BTC during this period, indicating that whales and institutions are driving the surge, rather than retail traders.

This indicator has previously preceded downward price movement. 'Historically, a spike in average deposit size from larger entities is a more bearish signal than high inflow volume alone,' the report notes.