Cryptocurrency analysis platform CryptoQuant, in its assessment of recent selling pressure in the Bitcoin market, revealed that the main actors behind large transfers to exchanges are not long-term investors, but rather large investors who have made recent purchases.
On-chain data from when Bitcoin was trading at $65,800 shows that 70.41% of assets deposited on exchanges were held by large investors. However, there are significant differences within this group itself.
According to the data, large investors who have been buying recently have transferred around 138,000 Bitcoin to the exchange, accounting for almost all of the current inflows. In contrast, the amount transferred by large investors who have held Bitcoin for a long time remains quite limited, at around 7,500 Bitcoins. This figure suggests that the market’s selling pressure is not due to profit taking, but rather from investors who bought at higher levels and sold at a loss. Meanwhile, the total amount of Bitcoin on exchanges has increased by more than 32,000 bits since January, reaching 2.75 million bitcoins.
The main macroeconomic trend behind the selling pressure was the increase in global tariffs to 15%. The decision led to increased risk aversion in the market, with investors turning to gold, while Bitcoin lost its $65,000 support level and fell 4-5% in 24 hours. The drop in prices led to the liquidation of hundreds of millions of dollars in leveraged trades and put large investors who had recently bought into a defensive stance.
According to CryptoQuant’s analysis, this “race” for exchanges is being driven by the exit of new large investors who are incurring losses, rather than profit-taking by long-term investors. Macroeconomic uncertainty is accelerating this process, with the $60,000 level emerging as important support in the short term. Whether this strong inflow into exchanges slows down in the coming period will determine the direction of Bitcoin price.
*This is not investment advice.
