The Bitcoin price has been relatively stagnant in the past few days, hovering around $19,000 without much movement.
This might all be about to change soon as whales appear to have sent a huge amount of BTC to spot exchanges.
- Data from the popular cryptocurrency analytics resource CryptoQuant reveals that the inflows to spot exchanges have soared.
- This comes mainly from whale addresses holding between 100 and 1000 BTC, who have been sending BTC to exchanges in large quantities.
- Commenting on the matter was a CryptoQuant analyst, who said:
It seems that whales want lower prices for Bitcoin. Transferring from wallets that have from 100 to 1000 Bitcoin in large quantities to the spot exchanges a while ago, the price could press down more and it could be a distribution to different wallets.
But on the downside, I expect the negative scenario and take caution.
- Meanwhile, the predominant sentiment on the market remains extreme fear. In fact, it has been increasingly fearful throughout the past few days as most of the cryptocurrencies trade within a narrow range with slow declines.