CryptoQuant: Bitcoin, Ether Exchange Deposits Surge

CryptoQuant reported that bitcoin, ether and altcoin deposits to exchanges rose sharply in late June. Bitcoin inflows reached nearly 49,000 BTC on June 30, a level the analytics firm described as a rare extreme. The firm also found the average bitcoin deposit size doubled from about 1 BTC to roughly 2 BTC.

Julio Moreno, head of research at CryptoQuant, wrote the increase reflected large holders moving significant balances to exchanges rather than increased retail activity. He noted the rise in average deposit size points to whales and institutional investors placing larger amounts onto trading venues.

CryptoQuant said similar spikes have appeared only a few times this year when daily bitcoin deposits approached 50,000 BTC. The firm reported those prior episodes were followed by sharp increases in price volatility and clear directional moves.

Ether deposits climbed above 1.25 million ETH in late June. Altcoin deposit transactions reached nearly 45,000 earlier in the week, the highest level in almost two months, the firm added.

CryptoQuant highlighted that concurrent spikes in bitcoin and ether deposits have typically coincided with broader market risk-off behavior rather than isolated weakness in a single asset.

At the time of the report bitcoin traded around $62,180 and was testing the $60,000 support level. CryptoQuant estimated bitcoin's realized price at about $53,000 and noted that a breach of $60,000 could push the token toward that level.

U.S. spot bitcoin ETFs recorded $221.7 million in net inflows on Thursday, ending a 10-day outflow streak, according to the exchange flow figures cited. CryptoQuant linked the deposit trends and ETF flows to elevated potential for volatility and advised market participants to exercise caution.