Bitcoin Exchange Deposits Decline as Whales Dominate Inflows

Bitcoin deposits to centralized exchanges have seen a notable decrease since early February, indicating a reduction in overall sell pressure. According to NS3.AI, despite this decline, large investors, often referred to as whales, continue to play a significant role in exchange inflows, making up 64% of deposits. Analysts suggest that Bitcoin's price might approach a near-term bottom around $55,000, with market sentiment leaning towards a further decline rather than a rebound.