CryptoQuant Warns of Volatility as Bitcoin Deposits Near 49,000 BTC

The pattern extends beyond bitcoin. Ether deposits to exchanges climbed above 1.25 million ETH in late June, a level Moreno said is consistent with elevated selling pressure. Simultaneous increases in both bitcoin and ether deposits point to a broader risk-off move rather than a single-asset adjustment. When both major crypto assets see exchange inflows rise at the same time, the signal is more reliable.

Altcoin deposits have also increased sharply. The number of altcoin deposit transactions reached nearly 45,000 earlier this week, the highest in almost two months. Moreno described the move as "a historical inflection-point signal for prices." Altcoin markets have thinner liquidity than bitcoin or ether, so a rise in deposits can quickly translate into sharper price moves if holders decide to sell into weaker order books.

The current setup mirrors an earlier pattern that preceded a broad crypto decline. Moreno said a similar altcoin deposit spike occurred before bitcoin fell from about $82,000 in early May to below $58,000 in late June.

"With the threshold being breached again while bitcoin tests $60,000 support, the current configuration closely mirrors the pattern that preceded the prior leg down, warranting heightened caution from market participants," Moreno said.

The immediate risk is a volatility break rather than a guaranteed move lower. Exchange inflows show that assets are moving into tradable venues. The direction of the next move depends on whether holders sell, hedge, provide liquidity, or prepare for other transactions.

Still, the mix of higher bitcoin deposits, larger average transfer sizes, rising ether inflows, and stronger altcoin activity creates a more fragile market structure. If bitcoin fails to hold the $60,000 area, the same inflow pressure could deepen momentum toward lower realized-price levels.

CryptoQuant's data points to a market entering a higher-risk phase. The clearest issue is not just that more coins are moving to exchanges. Larger holders appear to be behind the move while bitcoin trades near a major support level.