Warning: Bitcoin exchange inflows surge

The Bitcoin (BTC) exchange net inflows surged to the largest single-day in the past 30 days on April 27, fueled by whale investors.

On Monday, the net inflow of Bitcoin to cryptocurrency exchanges was more than 9,905 BTC, valued at more than $754.4 million at press time, according to data from CryptoQuant. Notably, the exchange whale ratio, which shows the share of exchange inflows dominated by the 10 largest deposits, jumped to the highest level in over a week of 0.707, suggesting large BTC holders dominated inflows, as per an update from CryptoQuant.

As a result, the crypto exchanges’ holdings surged from 2.666 million BTC on April 25 to 2.677 million BTC by April 28. The spike in crypto exchange holdings coincided with the end of 9 consecutive days of cash inflows into spot Bitcoin exchange-traded funds (ETFs) on Monday.

After reporting a net inflow of more than $2.1 billion between April 14 and 24, the U.S. spot BTC ETFs registered a net cash outflow of $263.18 million on Monday, based on metrics from SoSoValue.

Bitcoin price signals trend shift on renewed spot sell-off

Following the renewed sell-off for spot Bitcoin by whale investors, the flagship coin has signaled a trend shift. For the first time since the beginning of April, BTC has consistently closed below a logarithmic trendline support over the past 24 hours, trading at about $76,166 at the time of publication.

BTC/USD 1-hour chart. Source: TradingView

The renewed selling pressure from whale investors has weighed on the bullish momentum largely fueled by derivatives markets, as Finbold explained. As such, BTC price faces further bearish sentiment in the near term, with a potential drop below $60,000 if the whales continue to capitulate.