Large bitcoin holders and miners significantly increased transfers to exchanges following bitcoin’s climb to a new all-time high near $123,000 last week, according to the latest data from onchain analytics firm Cryptoquant.
Cryptoquant Reports Surge in Bitcoin, ETH Selling Pressure as Prices Set Records
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Onchain Data Tracks Massive Miner, Bitcoin Whale Exodus
Cryptoquant’s Weekly Crypto Report reveals that total daily bitcoin exchange inflows surged dramatically from 19,000 bitcoin a week prior to 81,000 BTC on July 15, marking the largest single-day deposit since February 26. Cryptoquant researchers attribute this spike primarily to activity from “ whales,” entities holding large amounts of bitcoin.
Transfers from these large holders to exchanges jumped from 13,000 BTC to 58,000 BTC within the same timeframe, indicating substantial profit-taking. Bitcoin miners also emerged as major sellers, Cryptoquant data shows. Miner outflows – bitcoin ( BTC) transferred out of miners’ wallets – spiked to 16,000 BTC on July 15. Cryptoquant metrics classified this as an “extreme outflow,” the largest since April 7.
Crucially, Cryptoquant noted that virtually all of this bitcoin flowed directly into exchanges, reinforcing the conclusion that miners were actively selling at the peak price. Simultaneously, ethereum ( ETH) experienced its own surge in exchange deposits. Cryptoquant reported daily ETH inflows nearly reached 2 million ETH on July 16, doubling from the previous week and hitting the highest level since February 26.
This surge follows a 131% rally in ETH since early April, Cryptoquant analysts noted in the analysis. In stark contrast, Cryptoquant observed that selling pressure for altcoins remains notably low. Daily transactions sending altcoins to exchanges totaled just 31,000, far below peaks of around 120,000 seen during prior market tops in March and December 2024.
Cryptoquant researchers highlighted that this muted activity suggests altcoin investors are not rushing to sell despite the broader market rally. Cryptoquant‘s analysis indicates that increased exchange inflows, particularly from large entities and miners, often precede heightened price volatility. The significant divergence between the heavy bitcoin and ether selling and the subdued altcoin activity presents a complex market picture, according to the firm’s latest report.
