BTC 15-minute decline of 0.52%: Whales' capital inflow into exchanges triggers short-term selling pressure

2026-04-08 14:30 to 14:45 (UTC), the BTC market saw a clear abnormal move, with a return of -0.52%. The price range was 70922.5 to 71512.2 USDT, with a swing of 0.83%. Over a short period, market volatility increased sharply, trading activity rose, and investor attention warmed significantly.

The main driver behind this abnormal move was large whale funds concentrating inflows into exchanges. On-chain data shows that within the 24 hours before the move, whales deposited 5,793.42 BTC into exchanges, and transactions larger than $100,000 in a single trade accounted for 89% of total transaction volume. The whales accelerated their fund deposits and, alongside structural adjustments in on-chain transaction volume, directly increased short-term sell pressure, becoming the core trigger for the price drop.

In addition, fragile liquidity and a surge in bullish sentiment in the derivatives market further amplified volatility. Due to the ongoing absorption of spot ETFs and over-the-counter demand, the exchange’s BTC balance has declined over the long term, resulting in insufficient market liquidity. Whale deposit behavior caused the balance to rebound in the short term, but it still failed to ease the overall liquidity problem. With derivatives market open interest staying high and the funding rate turning positive, some longs were forced to cut losses, further magnifying the extent of the price decline. With multiple factors stacking together, a chain reaction formed. Although the number of active addresses remained consistently above 120k, overall on-chain transaction volume showed fluctuations and a downward trend, indicating that some funds shifted to the OTC market or the derivatives market, amplifying the impact of whale behavior on prices.

At the current stage, the risk of short-term volatility is elevated. It is recommended to continue monitoring key data such as whale fund flows, exchange BTC balances, derivatives market open interest, and the funding rate. If support levels break or on-chain funds continue to flow out, volatility may further intensify. Investors should watch for changes in market structure, stay alert to abnormal short-term volatility, and keep an eye on the latest market updates and macro news.