Bitcoin sell pressure is starting to ease as whale inflows drop sharply, according to CryptoQuant data published March 23. Although whale flows are declining, certain holder groups continue moving Bitcoin to exchanges.
This suggests one of the market’s major sources of sell-side pressure is weakening. Bitcoin is trading around $71,269 after rising 4% in the last 24 hours, according to CoinMarketCap.
CryptoQuant analyst Amr Taha reported that the 30-day whale inflow on Binance has declined to $3.6 billion. That is significantly less than the all-time high whale inflow of $8.95 billion that occurred on February 20.
The whale inflow has also fallen below a 30-day low of $3.83 billion, which was last seen on April 25th 2025, indicating structural changes. Coins held by whales that are moved to exchanges can be for sale purposes.
Short-Term Holders Lead BTC Inflow On Exchanges
Additionally, the amount of BTC being transferred to exchanges by short-term holders is greater than the amount of BTC being transferred by long-term holders. An example of this would be the 1-week-to-1-month holder group that sent 305 BTC to Binance on March 13.
According to analyst Amr Taha, short-term holders typically sell near local price lows. They also tend to offload holdings during periods of broader market uncertainty. This contrasts with whale activity during major cycle events.
Currently, the BTC market structure appears to show that weaker hands (short-term holders) are providing liquidity. In contrast, whales are decreasing their exposure on exchanges.
These two elements indicate that late-stage selling pressure exists rather than early-stage, which may reduce downside pressure on the Bitcoin price.
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Whale Inflow Momentum Highest Point in Eleven Years
While whale inflows on Binance have been trending downward, overall whale activity is showing the exact opposite signal across the crypto space. Another chart from CryptoQuant shows that whale inflow momentum is at its highest point ever in eleven years.
This metric measures how quickly capital is flowing into exchanges from large holders. The current spike in momentum is the greatest in terms of both size and velocity compared to any prior cycle highs.
Extreme levels of momentum can be indicative of aggressive movement of capital and large-scale adjustments of positions. It can also indicate conditions in which there is higher volatility and capital is being redistributed more actively.
Miners Provide Continued Supply Pressure
Miner activity adds another layer of information to understand current market supply conditions. Separate CryptoQuant data indicated that miners transferred $2.48 billion worth of Bitcoin to exchanges on March 16. This occurred as the Bitcoin price reached a weekly high of $74,859 that day.
This represented the largest single-day miner outflow throughout the current bear cycle. Additional outflows remained elevated at $2.39 billion two days after the initial peak weekly outflow.
Daily outflows ranged from $1.54 billion to $1.67 billion between March 17 and March 20. Outflows such as these signify ongoing distributions and not singular selling events.
The Miner Position Index (MPI) dropped to -1.54 on March 21. Also, the 30-day average continues to be negative despite a recent BTC price increase.
Historically, large miner transfers at local highs and/or low baseline MPI are indicative of stressed but disciplined miner behavior rather than panicked selling.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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