According to CryptoQuant, Bitcoin deposits to centralized exchanges spiked to nearly 50,000 BTC per day last week, hitting that threshold for only the fourth time this year. The average deposit size also doubled to approximately 2 BTC, indicating action from whale and institutional investors rather than retail traders.
Historically, this level of deposit activity has preceded sharp price volatility. The spike coincides with Bitcoin testing the critical $60,000 support level, which if breached could push BTC toward $53,000, the realized price, according to CryptoQuant's Thursday report.