Bitcoin may have a tough time charting a V-shaped recovery to recent highs in the short term, with on-chain activity showing increased selling pressure in the market. Blockchain analytics firm CryptoQuant’s exchange inflow indicator – which measures the 144-block (roughly 24-hour) average of mean bitcoin deposits across major cryptocurrency exchanges – has risen to 2.5 bitcoin, the highest level since March 20. In other words, the average size of inward-bound transactions to trading platforms has risen to eight-month highs.
“The data shows whales [large traders] are transferring their coins to exchanges,” CryptoQuant CEO Ki-Young Ju told CoinDesk. “The cryptocurrency usually trades in a sideways-to-negative manner when whales become active on exchanges.” Bitcoin is trading near $16,820 at press time, representing a 2% drop on a 24-hour basis. The cryptocurrency saw rejection above $17,400 early on Friday. The possibility of prices falling to or below Thursday’s low of $16,327 cannot be ruled out with average inflows now moving above 2 bitcoin – into CryptoQuant’s “danger zone.”
A reading above 2.00 on the indicator has consistently paved the way for notable price drops this year. The indicator rose above that level at least a week before the 40% drop seen on March 12. Similarly, the sharp sell-off seen in November 2018 was preceded by a sharp rise in the metric. Technical chart studies indicate low odds of an immediate bounce to levels above $19,000.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | ![]() |
Bitcoin predictions | 59.2% | 84 | $29 906.45 | 1.19% | -0.93% | $569 615 124 749 | ||
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2 | ![]() |
Ethereum predictions | 59.2% | 88 | $2 006.73 | 1.31% | -3.60% | $242 575 430 000 | ||
3 | ![]() |
Tether predictions | 94% | 1 | $0.998861 | 0.02% | 0% | $73 191 653 422 | ||
4 | ![]() |
USD Coin predictions | 95.2% | 1 | $1.000391 | 0.01% | 0% | $53 095 646 398 | ||
5 | ![]() |
Binance Coin predictions | 59.6% | 88 | $316.79 | 1.33% | 4.98% | $51 725 100 830 | ||
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XRP predictions | 57.6% | 89 | $0.417070 | 0.10% | -2.43% | $20 162 437 867 | ||
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Binance USD predictions | 94.8% | 1 | $0.999756 | -0.07% | -0.22% | $18 513 212 786 | ||
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Cardano predictions | 56% | 91 | $0.535071 | 0.10% | -4.15% | $18 052 780 745 | ||
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Solana predictions | 60.8% | 88 | $51.57 | 2.05% | -5.27% | $17 496 824 554 | ||
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Dogecoin predictions | 58% | 92 | $0.085116 | 0.07% | -5.10% | $11 292 451 422 | ||
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Polkadot predictions | 58.4% | 87 | $10.08 | 0.86% | -9.13% | $9 955 703 739 | ||
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Avalanche predictions | 58.8% | 90 | $31.39 | 4.58% | -10.83% | $8 448 611 482 | ||
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Wrapped Bitcoin predictions | 63.2% | 84 | $29 892.78 | 1.26% | -0.99% | $8 268 429 569 | ||
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TRON predictions | 70.8% | 53 | $0.076139 | 2.55% | 10.86% | $7 366 589 571 | ||
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Dai predictions | 94% | 1 | $1.000541 | -0.05% | 0.02% | $6 532 230 569 |
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