Bitcoin inflows surge as $76K rally raises sell pressure

Bitcoin deposits to centralized exchanges rose after the cryptocurrency climbed above $76,000 on Tuesday. CryptoQuant reported hourly inflows reached about 11,000 BTC, the highest level since December, and the average deposit size increased to 2.25 BTC, the largest mean since July 2024.

Bitcoin traded at $76,052 on Coinbase on Tuesday, its highest price since early February.

CryptoQuant described the combination of larger deposits and faster inflows as a “historically reliable warning signal of near-term selling pressure, as holders move coins to exchanges in preparation for potential distribution at key resistance zones.”

The firm identified a $76,800 realized price as a nearby reference point. “As Bitcoin nears its $76,800 realized price, it will act ‘as a ceiling for relief rallies,'” the report stated, adding that traders who are nearing breakeven would be “incentivized to sell, capping further upside.” The report also noted a lower band near $67,600 that could serve as near-term support if selling intensifies.

CryptoQuant compared the current inflow pattern with January, when average deposit size peaked around 2 BTC before the market declined from roughly $100,000 to $60,000.

Daily realized profits currently sit around $500 million, below the $1 billion threshold the firm identified as historically coinciding with, or slightly preceding, local market tops. The report said realized profits could exceed $1 billion if Bitcoin extends gains above $76,000 or moves toward the $76,800 realized price, which would raise the odds of a stall or reversal.

The report added that profit-taking is “still in its early stages” and that the current combination of larger deposits and rising inflows warrants attention from traders watching for short-term tops.

CryptoQuant released the findings in a Wednesday report covering inflows since Tuesday’s rally. The report also referenced recent easing of geopolitical tensions related to Iran and noted some traders had expected that development to support further gains in risk assets, including cryptocurrencies.