CryptoQuant: Bitcoin Exchange Daily Inflows Near 50,000 BTC, Drop Below $60,000 Could Lead to $53,000

Odaily Planet Daily News According to a CryptoQuant report, the amount of Bitcoin deposited into centralized exchanges last week rose to nearly 50,000 BTC per day, reaching this level for the fourth time this year. The report states that this increase coincides with Bitcoin testing the key support level of $60,000; if it falls below this level, Bitcoin could move towards the realized price of $53,000. During the same period, the average Bitcoin deposit size roughly doubled from 1 BTC to 2 BTC. CryptoQuant attributes this growth to whales and institutions, rather than retail investors. The peak daily inflow for Ethereum reached 1.25 million ETH, while the number of deposit transactions for other altcoins also rose to over 45,000 per day. Bitcoin rose 3.5% this week, trading at $62,886, more than 50% below its October all-time high of $126,080; Ethereum rose nearly 12% this week to $1,787, about 64% below its all-time high of $4,946. (Decrypt).