Bitcoin encountered significant selling pressure near the $76,000 resistance level following a sharp increase in exchange deposits, according to on-chain data from CryptoQuant. The analytics firm reported that hourly inflows to exchanges surged to approximately 11,000 BTC, marking the highest level since December 2025 and surpassing a similar spike observed in March that preceded a market pullback.
The size and rate of these inflows serve as a "historically reliable warning signal of near-term selling pressure," CryptoQuant stated, indicating that holders are moving coins to exchanges in preparation for potential distribution. Adding to the bearish signal, the average deposit size increased to 2.25 BTC, the highest since July 2024. This pattern mirrors January's activity, when average deposits peaked at 2 BTC before Bitcoin's price nearly halved from $100,000 to $60,000.
Analyst Julio Moreno noted that Bitcoin posted one of its highest realized-profit readings of the year at $1.14 billion, suggesting traders are using the rally to take gains. CryptoQuant elaborated that while daily realized profits currently hover around $500 million, they could move above the critical $1 billion threshold if Bitcoin rallies above $76,000 or approaches its realized price of $76,800. This level is seen as a ceiling for relief rallies, as traders nearing breakeven on their holdings would be incentivized to sell, capping further upside.
The broader market context includes cautious optimism stemming from reports of progress in the U.S.-Iran ceasefire process, which has helped stabilize risk assets. However, this improved sentiment may have also encouraged profit-taking in Bitcoin. The latest data suggests the move to take profits is still in its early stages, but a build-up of selling pressure could lead to a stall or reversal, similar to the dynamic observed in January.
