The volume of Bitcoin and altcoin deposits on exchanges has surged, historically indicating periods of increased volatility in the crypto market, according to CryptoQuant.
On June 30, Bitcoin deposits on exchanges nearly reached 49,000 BTC. Julio Moreno, head of research at the company, described this as a rare extreme. He noted that daily inflows have approached 50,000 BTC only four times this year.
“At these inflow levels, the market absorbs a large volume of Bitcoin being transferred to exchanges—a pattern that has historically preceded significant directional moves,” Moreno emphasized.
According to him, the current increase in deposits is mainly driven by large holders rather than retail investors. The average transaction size has risen from about 1 BTC to 2 BTC, which CryptoQuant estimates indicates larger asset volumes being moved to exchanges.
Moreno added that spikes in average deposit size have historically been a more bearish signal than just high inflow volumes: they reflect position redistribution by large players and often serve as a leading indicator of downward price pressure.
The analyst linked the rise in deposits to Bitcoin testing the $60,000 support. If breached, the price could approach the realized price of around $53,000. At the time of publication, Bitcoin was trading at approximately $62,420.
Ethereum and Altcoins Show Similar Signals
The trend also affected Ethereum: exchange deposits exceeded 1.25 million ETH at the end of June. Moreno attributed this to increased selling pressure.
He noted that simultaneous spikes in Bitcoin and Ethereum inflows have historically indicated a broader market shift towards risk-off mode.
Altcoin activity also increased. At the beginning of the week, the number of deposit transactions approached 45,000—the highest in nearly two months.
Moreno called this a historical signal of a turning point for prices and recalled that a similar spike was observed before Bitcoin’s decline from about $82,000 in early May to below $58,000 by the end of June. In his view, surpassing this threshold again amid the $60,000 support test requires increased caution from market participants.
Earlier, at the end of June, an analyst under the pseudonym Darkfost claimed the start of a Bitcoin miner capitulation phase, which historically signals a market bottom.
