Bitcoin approaches $80,000, and large exchange deposits remain in normal range

Bitcoin approaches the US$80,000 mark, and large deposits on spot exchanges remain at normal levels

Large deposits on major spot exchanges remain in the normal range as Bitcoin prices approach US$80,000, indicating that there is no widespread whale (large holder) selling pressure on the market. According to CryptoQuant data, the 10 largest inbound transactions recorded transfers of 5,442 bitcoins, while the seven-day moving average is still about 10% lower than the estimated monthly average. A previous surge in single-day deposits reached nearly 28,000 bitcoins, so the September increase is seen more as a market normalization than an abnormal large-scale whale distribution activity.

Bitcoin approached $80,000 without triggering a significant rise in exchange deposits, suggesting that major holders were not prepared for widespread sell-off during the recovery. CryptoQuant analyst Woominkyu pointed out that Bitcoin closed at $78,450 on September 8 after recovering from a low of about $60,000 this summer. However, as Bitcoin regains lost ground across the cryptocurrency market, large deposits entering tracking spot exchanges have not increased proportionately.

During the September 8 trading session, CryptoQuant recorded a total of 5,442 Bitcoin inflows on the top ten spot exchanges. Although this figure is 4.4 times the previous day, it is still in line with the recent market average. In comparison, the ten largest transactions on the previous trading day contained only about 1,237 bitcoins, when market activity was extremely sluggish. In addition, the September 8 reading was only 5.1% higher than the average of the past 30 days, which was approximately 5,178 bitcoins. At the same time, the daily seven-day moving average was 4,678 bitcoins, approximately 9.7% below the estimated monthly average for large deposits.

Early surge in inflows makes September bitcoin deposit data more meaningful

CryptoQuant's chart covers 251 daily observations between January 1 and September 8, comparing bitcoin's closing price to deposits on major exchanges. In earlier periods, transfers were significantly larger, with single-day deposits exceeding 8,000 bitcoins on multiple occasions between January and August. There was a notable increase in late April, approaching 28,000 bitcoins; a surge in February also reached about 15,000 bitcoins. In addition, although bitcoin was trading at a lower price than the highest price of the year, deposits climbed to around 14,000 bitcoins in May. August also saw several readings approaching 12,000 bitcoins, which puts the latest figure of 5,442 bitcoins comfortably within the established range of the chart. Thus, September's increase represents a return to normal for large holder activity rather than an unusually large transfer of bitcoins to physical exchanges.

Bitcoin's recovery strengthened in August, pushing its price from about $63,000 to the top of the $70,000 range. It is worth noting that as Bitcoin moved towards the psychologically important $80,000 mark, deposits on major exchanges did not rise at a comparable rate. This divergence provides limited evidence that persistent selling pressure does not exist, but it does not prove that large holders are actively accumulating bitcoin. Exchange deposits do not confirm completed sales because transfers may involve custody changes, collateral management or internal wallet reorganizations. In addition, the ten largest transactions do not necessarily represent ten independent investors, as one institution may control multiple deposit addresses.

The seven-day average remains the main selling pressure signal.

CryptoQuant's indicator excludes smaller deposits, withdrawals and net exchange traffic, limiting its ability to identify broader whale positions. As a result, the indicator cannot determine whether major holders purchased additional bitcoins or simply kept existing balances outside the exchange. Woominkyu identified the seven-day average inflow as the main indicator to detect significant changes in potential market selling pressure. If this average continues to rise while prices weaken, it will provide stronger evidence that major holders are distributing their Bitcoin holdings.

This situation will indicate that buyers are unable to effectively absorb additional supply, potentially putting more pressure on important market support levels. In contrast, isolated one-day increases provide weak evidence, as large transactions can be volatile without generating sustained selling activity. As a result, as Bitcoin approached $80,000, there were no unusual whale deposits that could herald large-scale profit-taking on major spot exchanges.