Glassnode: Bitcoin whale net deposits reach $55 million daily as selling pressure builds

Large Bitcoin holders are adding significant selling pressure to the market, with whale net deposits on cryptocurrency exchanges averaging $55 million per day in recent weeks, according to blockchain analytics provider Glassnode. Glassnode reported that the volume of Bitcoin deposited by whales daily has exceeded withdrawals by a wide margin, as the 30-day moving average of net exchange flows has remained in positive territory. At the time of the latest data, Bitcoin traded at $64,853, reflecting a 1.16% daily decline. The sustained net deposits reveal that large investors are transferring more Bitcoin onto trading platforms than they are removing. While sending coins to exchanges does not always result in immediate sales, it increases the pool of Bitcoin potentially available for trading activity and heightens the risk of increased supply-side pressure.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to CoinTurk News.