CryptoQuant data from July 15 reveals a notable increase in Bitcoin inflows to exchanges, linking it to the recent historical price peak.
Bitcoin Inflows to Exchanges
According to CryptoQuant, Bitcoin inflows to exchanges rose from 54.151K BTC to 63.1K BTC over 24 hours, translating to an approximate 3% increase. Bitcoin prices surged to $123,218K on July 14, marking its latest ATH.
Analysis of Whale Activity
A CryptoQuant analyst suggested that the increase in exchange inflows indicates a potential 'local top,' likely leading to a 'healthy price correction.' They also noted signs of whale activity taking advantage of exchange liquidity for profit-taking, including a long-dormant wallet that recently offloaded around 20K BTC.
Daily Bitcoin Inflow Trends
CryptoQuant reported that daily Bitcoin inflows fell to their lowest level since April 2015, reaching only 18K BTC. Experts highlighted that reduced inflows help to limit selling pressure despite rising Bitcoin prices.
The increase in Bitcoin inflows to exchanges has sparked varied expert opinions on potential price corrections. While the trend suggests a confident rise, whale activities and market fluctuations may continue to influence future price movements.