Bitcoin (BTC) surged to a new all-time high (ATH) of $123,218 earlier today, pushing its market cap beyond $2.4 trillion. However, exchange data shows a sharp increase in BTC inflows following this milestone, raising concerns of a potential short-term correction.<\/p>\n
According to a CryptoQuant Quicktake post by contributor Tarekonchain, BTC is beginning to show signs of short-term cooling. Notably, exchange inflows recorded a sharp uptick right after Bitcoin hit its fresh ATH.<\/p>\n
The following chart shared by the analyst highlights exchange netflows to spot platforms, with notable spikes in inflows to centralized exchanges. This typically indicates profit-taking behavior by short-term holders and some whales.<\/p>\n
Tarekonchain noted that such on-chain activity is usually indicative of a local top<\/a> that could lead to a healthy price correction or consolidation in the coming days. They added:<\/p>\n It\u2019s a classic pattern we\u2019ve seen after previous parabolic rallies \u2013 profits are realized, weak hands exit, and price finds a new base.<\/p>\n That said, the analyst noted that despite the warning signs of a looming price correction, the overall market structure remains largely bullish. For instance, long-term holders are still holding their BTC, not keen on selling at current price levels.<\/p>\n Supporting the bullish thesis, spot Bitcoin exchange-traded funds (ETFs) continue to attract strong capital. For the week ending July 11, they saw $2.72 billion in net inflows \u2013 a clear sign of ongoing institutional interest.<\/p>\n In a separate post, CryptoQuant contributor Crazzyblockk pointed to an uptick in whale activity on Binance. The Binance Whale Activity Score shows that deposits from large wallets have spiked dramatically.<\/p>\n Whales reportedly deposited as much as 1,800 BTC to Binance in a single day, with more than 35% of transactions valued at over $1 million, hinting at strategic positioning ahead of expected volatility.<\/p>\n Crazzyblockk highlighted<\/a> two possible scenarios following the surge in deposits from large-scale investors. First, it is likely that these investors are sitting on healthy profits and may be getting ready to secure some gains after a historic run.<\/p>\n Alternatively, they might be aiming to leverage Binance\u2019s deep liquidity to hedge or open new positions as the market experiences heightened volatility. Either way, this sell-side pressure<\/a> on Binance is likely to weigh on BTC\u2019s bullish momentum.<\/p>\nWhales Preparing To Sell?<\/h2>\n