CryptoQuant reports surge in big BTC deposits to exchanges
According to CryptoQuant, during the recent market decline to local lows, large deposits dominated the inflow of funds to exchanges, increasing the average deposit size. For Bitcoin, the average deposit amount rose from 0.6 BTC to 1.23 BTC throughout November — the highest level in a year.
Data from analytics firm CryptoQuant shows that after Bitcoin’s price fell to around $80,000 last week, large traders increased the volumes of BTC sent to exchanges. The total amount of Bitcoin transferred to exchanges reached 9,000 BTC on November 21, with 45% of that volume consisting of large deposits of 100 BTC or more — a level CryptoQuant calls unusually high.
“This is confirmed by the rise in the average BTC deposit to 1.23 BTC in November, the highest level this year, up from 0.6 BTC just a week earlier… This indicates that large deposits are leading exchange inflows,” the analysts noted.
On Binance, the average Bitcoin deposit size rose from 12 BTC at the start of the month to 37 BTC in recent days. This supports the view that large holders are using Binance to reduce their exposure to BTC risk.
Buyers are waking up
Activity on Ethereum and other major altcoin exchanges also remained high, adding further pressure to prices.
Large deposits increasingly dominated ETH inflows, although total inflows did not grow significantly. The average daily deposit jumped to 41.7 ETH — the highest level in nearly three years — as the token price fell to around $2,900, the firm noted.
As for altcoins, the number of transactions sending them to exchanges has exceeded 40,000 per day since July, with a recent peak of 78,000 on October 17. This also points to high activity amid the ongoing sell-off.
Bitcoin: Spot taker CVD (Cumulative volume delta). Source: CryptoQuant.
Regarding exchange flows, CryptoQuant’s Head of Research Julio Moreno told The Block that “since early October, sellers have dominated (red zones), although the last two days have been more balanced between buyers and sellers.” This is indicated by the thin neutral gray zone at the end of the chart.
As we wrote, Bitcoin price prediction: BTC consolidates as whale selling limits rebound momentum
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