CryptoQuant flags a jump in exchange deposits as bitcoin tests $60,000
CryptoQuant analyst Julio Moreno says a spike in bitcoin, ether and altcoin exchange deposits — driven by large holders — has historically preceded higher volatility, as bitcoin trades near $62,000 and tests $60,000 support.
On-chain analytics firm CryptoQuant says deposits of bitcoin, ether and altcoins to exchanges have spiked to levels seen only a handful of times in 2026 — a pattern its analyst Julio Moreno argues has, in the past, come ahead of bigger price swings. The claim was reported by The Block on July 3; the underlying read is Moreno's, and it is a forecast, not an established outcome.
What is measurable: deposits rose. Moreno says the average bitcoin deposit to exchanges roughly doubled, from about 1 BTC to 2 BTC, which he reads as whales and institutions — not retail — moving coins. He frames a rising average deposit size as a more bearish tell than raw volume, calling it "deliberate repositioning" by larger players. Altcoin deposit transactions hit nearly 45,000 earlier in the week, per Moreno the highest in almost two months, which he labels "a historical inflection-point signal."
The price backdrop, per The Block: bitcoin was trading around $62,180 and testing $60,000 support; a break below, Moreno says, could pull it toward its realized price of roughly $53,000. Cutting the other way, U.S. spot bitcoin ETFs logged $221.7 million in net inflows on Thursday — breaking a 10-day outflow streak, according to SoSoValue.
Key facts
- Average BTC deposit to exchanges doubled from ~1 BTC to ~2 BTC — CryptoQuant's Julio Moreno, via The Block.
- Altcoin deposit transactions reached ~45,000, described as a near-two-month high — Moreno, via The Block.
- Bitcoin trading ~$62,180, testing $60,000 support; realized price ~$53,000 — Moreno, via The Block.
- Spot BTC ETFs: +$221.7M net inflows Thursday, ending a 10-day outflow streak — SoSoValue, via The Block.
- Cited precedent: BTC fell from ~$82,000 in early May to below $58,000 in late June — Moreno, via The Block.
The real-world read
This is one firm's on-chain interpretation, not an event. Deposits rising is a fact; "higher volatility ahead" is Moreno's inference — and "volatility" is directionless by definition, so it can be claimed vindicated by a move either way. His own framing leans bearish, yet the same-day data point cutting against it — ETFs snapping a 10-day outflow streak with $221.7 million of inflows — sits in the piece without being reconciled against the deposit signal. Note too that exchange deposits are not sales: coins moved to an exchange can be collateral, custody shuffles, or OTC settlement, not just sell orders. The precedent Moreno offers (the May–June slide) is a single prior instance, not a tested base rate. Worth reading as a flag to watch, not a call. One disclosure of our own: The Block is majority-owned by Foresight Ventures, itself a crypto investor — the reporting looks straight here, but it is secondary, and we could not see CryptoQuant's raw data directly.
Opinion, and whose
- Julio Moreno (CryptoQuant): current inflows "warrant heightened caution"; a break of $60,000 could send bitcoin toward ~$53,000; larger average deposits signal downward pressure. All forecast, all his.
Sources
- The Block (Yogita Khatri), July 3 — secondary reporting of CryptoQuant's analysis and Moreno's quotes; provided price, ETF flow (attributed to SoSoValue) and deposit figures. Independent outlet, majority-owned by crypto investor Foresight Ventures. Not marketing.
Not financial advice. Figures are as reported and reflect one firm's read of on-chain data, not confirmed market outcomes.