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#BTC Whale Exchange Deposit Drop, Signal of Reduced Selling Pressure
According to the latest on-chain data, the amount of Bitcoin deposited by whales since the beginning of this year has been approximately 15,800 BTC. To put this into perspective, this is nearly half of the about 37,133 BTC recorded in December. In other words, the whale deposits in early January are only about 42.5% of the total in December last year.
What does this imply? The decrease in whale deposits is interpreted as a sign that selling pressure within exchanges is easing. This means less supply entering the market. When observing Bitcoin price movements, such on-chain indicators can provide surprisingly important clues.