CryptoQuant: Bitcoin Exchange Deposits Near 50,000 BTC Daily as Price Tests $60,000 Support

Bitcoin deposits to centralized exchanges rose last week to nearly 50,000 BTC per day, marking the fourth time this year they have reached that level, CryptoQuant said. According to Odaily, the increase occurred as Bitcoin tested the $60,000 support level, and CryptoQuant said a break below that level could move Bitcoin toward the realized price of $53,000. CryptoQuant reported that the average size of Bitcoin deposits increased from about 1 BTC to about 2 BTC, attributing the rise to whales and institutions rather than retail investors. The report also said Ethereum’s daily inflow peaked at 1.25 million ETH, while the number of deposit transactions for other altcoins climbed to more than 45,000 per day. Bitcoin rose 3.5% this week to $62,886, more than 50% below its October all-time high of $126,080. Ethereum gained nearly 12% this week to $1,787, about 64% below its all-time high of $4,946.