Bitcoin Price Takes a Sharp Decline at Start of Week

The Bitcoin price has taken a sharp decline to begin the week, with a 5% drop in value over the past 24 hours taking it down to $64,700.

According to on-chain data from Glassnode and CryptoQuant, large holders, or 'whales', are increasingly dominating exchange inflows. This is highlighted by CryptoQuant's 'exchange whale ratio' reaching its highest level since 2015 at 0.64, indicating that nearly two-thirds of the Bitcoin flowing onto exchanges comes from just the 10 largest deposits each day.

The average size of these deposits has also increased to levels last seen in mid-2022, further supporting the idea that bigger players are driving current exchange activity.