CryptoQuant, a cryptocurrency analysis platform, revealed in its assessment of the recent selling pressure in the Bitcoin market that the main actors behind the large transfers to exchanges were not long-term investors, but rather large investors who had recently made purchases.
On-chain data from the period when Bitcoin was trading at $65,800 shows that 70.41% of assets deposited on exchanges were held by large investors. However, there is a significant divergence within this group itself.
According to the data, large investors who have recently been buying have sent approximately 138,000 Bitcoin to exchanges, accounting for almost all of the current inflows. In contrast, the amount sent by large investors who have held Bitcoin for a long time remained quite limited, at around 7,500 Bitcoin. This picture suggests that the selling pressure in the market stems more from investors who bought at higher levels selling at a loss, rather than from profit-taking. On the other hand, the total amount of Bitcoin on exchanges has increased by more than 32,000 since January, reaching 2.75 million Bitcoin.
The primary macroeconomic development behind the selling pressure was the increase in global tariffs to 15%. Following this decision, risk aversion intensified in the markets, with investors turning to gold, while Bitcoin lost its $65,000 support level, depreciating by 4-5% in 24 hours. The price drop led to hundreds of millions of dollars in liquidations in leveraged trades, pushing large investors who had recently made purchases into a defensive position.
According to CryptoQuant’s analysis, this “race” towards exchanges is driven more by the exit of new, large investors who are incurring losses, rather than profit-taking by long-term investors. The macroeconomic uncertainty is accelerating this process, with the $60,000 level emerging as a critical support in the short term. Whether this strong influx into exchanges slows down in the coming period will be decisive for the direction of the Bitcoin price.
*This is not investment advice.
