On-chain data reveals a sharp spike in the average size of Bitcoin deposits flowing into exchanges. The 7-day exponential moving average of the mean exchange inflow has surged to 2.62 BTC, a level analysts say typically appears only during high-stress market moves.
The surge suggests large entities, or whales, are actively moving coins onto exchanges, often a precursor to selling. The last similar spike coincided with a price crash in early February.
Separately, transactions involving Bitcoin dormant for over ten years have also been spotted, breaking dormancy for approximately 600 BTC worth around $41.2 million.
At the time of this analysis, Bitcoin's price had recovered to approximately $68,500.