Bitcoin (BTC) threatens new selling pressure – large investors could further push the course

The big investors are afraid of further losses and are therefore moving their BTC onto the trading platforms in large quantities. Is there more pressure to sell now?

Bitcoin (BTC) may soon face more massive selling pressure as crypto exchange deposits have now jumped to near a three-year high.

As CryptoQuant data shows, the 21 largest crypto exchanges are showing that crypto users are currently again depositing excessive amounts of crypto assets on the trading platforms. This is usually an indication that these are to be traded or sold.

Capital inflows almost back to record levels

After BTC/USD fell to an interim low of 20,800 US dollars in the last few days, panic among private investors seems to have set in, even though the Bitcoin price has now even improved back above 23,000 US dollars.

However, the current level is closer to $21,000 again, with deposits on crypto exchanges climbing to a whopping 59,376 BTC in the last 24 hours.

According to CryptoQuant, this represents the largest inflow of funds since November 30, 2018, when a massive 83,481 BTC were deposited.

For comparison: On May 9, 2022, there were still 29,082 BTC inflows on the tableau.

These developments raise fears that there could be even more selling pressure on Bitcoin in the coming days and weeks. That concern was confirmed during record inflows in 2018, when it crashed to lows of just $3,100, a full 84% off the then-record high of $20,000