June has seen the largest daily inflow of Bitcoins to cryptocurrency exchanges since March 2020, analysts at blockchain firm CryptoQuant have found.
Its CEO, Ki Yang Joo, has said whales have started selling assets, which strengthens the bearish sentiment in the market.
CryptoQuant uses the whale delivery index, which allows to analyze their movements at the current time. At the moment, the index has moved into the positive area, which indicates the possible sale of Bitcoins by large players. The index remained in positive territory in 2018 and 2019, when cryptocurrencies were suffering a deep correction.
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Last May 18, 2021, saw the previous record inflow of Bitcoins: a 14-month high.
In March 2020, the BTC price lost almost 50% in one day. At that time, the cryptocurrency fell below $4,000.
Users start sending their Bitcoins to exchanges when they want to sell them.