Bitcoin risks deeper drop if whale exchange deposits stay high: Analyst

Bitcoin whale deposits to exchanges surged to 9,000 BTC on Nov. 21, with large holders driving 45% of inflows. If it keeps up, Bitcoin could have more to fall.

Continued selling pressure from Bitcoin whales could result in the asset falling further, cautioned analysts at CryptoQuant. 

Bitcoin (BTC) exchange inflows reached a peak of 9,000 on Nov. 21 as the price of Bitcoin declined to $80,600 on Coinbase, its lowest in seven months, it said in a market summary on Wednesday. 

When crypto exchange inflows increase, it is often a sign that investors are preparing to sell, while the opposite is the case when exchange outflows are increasing.

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