Recent data on Binance inflows from large holders, specifically those holding over 100 BTC, has unveiled a notable uptick in the movement of Bitcoin to exchanges. This increase coincides with a significant decline in Bitcoin’s price, which plummeted from approximately $95,000 to around $60,000. Monthly inflows surged from about 1,000 BTC to nearly 3,000 BTC on average, with a particularly striking spike of around 12,000 BTC recorded on February 6.
Since February 1, there have been seven trading days where daily inflows from whale accounts surpassed 5,000 BTC. This level of activity is atypically frequent and often indicates moments of market turbulence, whether during peaks or panic sell-offs. Currently, the selling activity appears to be rising, raising concerns about a decreasing influx of new capital into the market.
As of the latest figures, Bitcoin was trading significantly below its 20-day moving average of approximately $77,000, hovering around $67,800. The recent drop toward the $60,000 mark was met with only a weak rebound, suggesting a lack of strong buying support. Technical indicators reveal an RSI below 40, signaling ongoing downward momentum. Meanwhile, the Directional Movement Index (DMI) is exhibiting bearish control, as the negative trend line remains firmly above the positive one.
In summary, the return of volatility is evident, as whale activity suggests a mounting sell-side pressure. Given the current bearish conditions, the $60,000 threshold is becoming a critical level to monitor as market dynamics continue to evolve. The onus now lies on market bulls to establish a stronger presence if they wish to turn the tide.
