$76K Bitcoin Rally Triggers Worrying Exchange Inflows
A recent surge in Bitcoin prices has triggered a significant increase in exchange inflows, according to a report from CryptoQuant. The analytics firm notes that hourly BTC inflows spiked to 11,000 BTC on Tuesday when Bitcoin briefly climbed above $76,000, marking the highest rate of exchange deposits since December.
CryptoQuant warns that this surge is a warning sign of near-term selling pressure, as holders move coins to exchanges ahead of potential distribution. The average deposit size also increased to 2.25 BTC, the highest since July 2024, which the firm describes as 'historically reliable' in preceding price stalls or reversals at key resistance levels.
The $76,800 level represents Bitcoin's realized price, which CryptoQuant says is a ceiling for relief rallies. Traders who bought near that price and are approaching breakeven are likely to sell, capping potential upside.