Bitcoin (BTC) climbed to an intraday high of $68,300 during the early Asian trading hours on Tuesday amid a decline in whale selling. Selling in the derivatives markets also eased, suggesting that the “bearish position is becoming less aggressive,” according to a new analysis.
Key takeaways:
Large BTC deposits to Binance have dropped significantly, signaling reduced selling pressure.
Bitcoin analysts view the 200-week simple moving average at $59,430 as a key support level for BTC price.
Bitcoin whale selling slows down
CryptoQuant’s exchange data highlighted a “shift in behavior” by large players, as whale Bitcoin deposits declined across major exchanges.
The chart below shows that as Bitcoin dropped to $60,000 in early February, whales became very active on Binance, sending as much as 11,800 BTC to the exchange in a single day.
Related: Six straight months of losses? Five things to know in Bitcoin this week
As a result, the monthly average (30-day MA) of BTC exchange inflows moved higher, to nearly 4,000 BTC sent daily to Binance by the end of February, “reflecting a more pronounced distribution phase from large holders,” CryptoQuant analyst Darkfost said in an X post on Tuesday.
Since then, the “situation appears to have cooled down significantly,” with the 30-day MA now sitting around 1,600 BTC sent daily to Binance,” the analyst said, adding:
“This decrease in whale deposits could indicate a short-term slowdown in selling pressure, with large players seemingly adopting a wait-and-see approach in this still uncertain market environment.”Bitcoin whale inflows into Binance. Source: CryptoQuant
The figures support the latest data showing Bitcoin whales and sharks have been accumulating over the last two months, a pattern that could trigger an eventual breakout from the range.
The sharp decline in whale deposits coincided with the Bitcoin net position change among exchanges falling by 89,710 BTC on March 26, marking the largest spike since December 2024, according to Glassnode.
The net position change, or the 30 day change of the supply held in exchange wallets, is at -68,650 BTC at the time…
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