Bitcoin climbed to an intraday high of $68,300 during early Asian trading hours on Tuesday, as whale selling pressure eased and derivatives market activity softened.
Whale deposits drop sharply
CryptoQuant analyst Darkfost flagged a notable “shift in behavior” among large players, pointing to a significant decline in whale Bitcoin deposits across major exchanges.
When bitcoin dropped to $60,000 in early February, whales sent as much as 11,800 BTC to Binance in a single day.
The 30-day moving average of BTC inflows to Binance surged to nearly 4,000 BTC per day by the end of February, reflecting what Darkfost called a “more pronounced distribution phase from large holders.”
Since then, that figure has fallen to around 1,600 BTC per day. Darkfost noted:
“This decrease in whale deposits could indicate a short-term slowdown in selling pressure, with large players seemingly adopting a wait-and-see approach in this still uncertain market environment.”
The pullback in exchange inflows coincided with the bitcoin net position change across exchanges falling by 89,710 BTC on March 26, the largest single-day spike since December 2024, according to Glassnode.
The current 30-day net position change stands at -68,650 BTC, a level that typically signals strong accumulation by large holders, according to Glassnode.
Derivatives pressure easing
Perpetual cumulative volume delta (CVD) has risen 38.1% over the past week, moving from -$583 million to -$361 million. Glassnode’s latest Market Impulse report stated:
“While it remains negative, the move suggests bearish positioning is becoming less aggressive, and buyer participation is starting to recover.”
Separately, data shows bitcoin whales and sharks have been accumulating over the past two months, a pattern that has historically preceded significant price recoveries.
The 200-week moving average holds the line
Analysts have zeroed in on the 200-week moving average at $59,430 as the last major line of defense for bitcoin’s price.
Holding this level has previously triggered strong recoveries, including after the 2018 bear market and the 2020 COVID crash. Losing it, however, could open the door to a deeper correction, as seen during the 2022 macro drawdown, according to analysts.
Analyst Crypto Patel wrote:
“The same level that confirmed every bull cycle in history. As long as $BTC holds this line, every dip is a gift.”
Fellow analyst Anup Dhungana called the 200-week MA at $59K “the primary support to watch” after bitcoin confirmed a bear flag breakdown on the daily chart.
