CryptoQuant says bitcoin rally faces rising profit-taking risk as exchange inflows jump
Bitcoin's recent rally is now facing rising profit-taking risk, with several onchain indicators showing a potential local top, according to CryptoQuant.
Bitcoin reached above $76,000 on Tuesday, reaching its highest level since early February. The move was supported by strong spot ETF inflows and whale accumulation.
The bitcoin price has fallen a bit to $74,800 but is testing the traders' onchain realized price at $76,800, a major resistance level, according to CryptoQuant.
As the bitcoin price moved higher, exchange inflows increased. Hourly bitcoin inflows rose to around 11,000 BTC, the highest level since July 2024, CryptoQuant noted.
The increase in exchange inflows is mainly driven by large holders, according to CryptoQuant data. The whale-to-exchange inflow ratio reached a high of 0.8, meaning 80% of total inflows are coming from whales.
The share of large deposits also increased sharply. It moved from below 10% to above 40% of total exchange inflows, suggesting that big players are preparing to sell.
Profit-taking also has not yet peaked. Daily realized profits stand at around $500 million, below the $1 billion levels seen in previous market peaks. However, the rise in profits taken by short-term holders is a signal to watch, according to CryptoQuant.
