CryptoQuant Explains the Real Reason Behind Bitcoin's Drop

CryptoQuant, a cryptocurrency analysis platform, revealed in its recent assessment of the recent selling pressure in the Bitcoin market that the key players behind large fund transfers to exchanges are not long-term investors, but large investors who have recently bought in.
On-chain data from the time Bitcoin traded at $65,800 shows that 70.41% of assets sent to exchanges are owned by large investors. However, there is a significant difference within this group.
According to data, large investors who recently bought in have sent approximately 138,000 Bitcoin to exchanges, accounting for nearly all of the current inflow. In contrast, the amount of Bitcoin sent by long-term holders remains quite limited, at around 7,500 Bitcoin.
This indicates that the selling pressure in the market mainly comes from investors who bought at high prices and are selling at a loss, rather than taking profits. On the other hand, the total Bitcoin on exchanges has increased by over 32,000 Bitcoin since January, reaching 2.75 million Bitcoin.
The main macroeconomic factor driving the selling pressure is the global tariff increase to 15%. Following this decision, risk-avoidance sentiment increased in the market, with investors shifting to gold, while Bitcoin lost the $65,000 support level, dropping 4-5% within 24 hours. The price decline led to hundreds of millions of dollars being liquidated in leveraged trades, pushing newly bought large investors into defensive positions.
According to CryptoQuant’s analysis, “the rush” to these exchanges is mainly driven by the retreat of new large investors who are suffering losses, rather than long-term investors taking profits. Macroeconomic instability is accelerating this process, with the $60,000 level emerging as an important short-term support threshold. Whether the strong inflow of funds into these exchanges will slow down in the near future or not will be a decisive factor for Bitcoin’s price direction.