An analysis said large holders have sharply increased Bitcoin deposits to exchanges during the rebound, quickly adding to selling pressure.

On April 16 local time, blockchain outlet Cryptopolitan reported that CryptoQuant’s head of research Julio Moreno (훌리오 모레노) warned the recent rise could end as a bull trap.

The key signal is exchange inflows. CryptoQuant data showed Bitcoin exchange inflows per hour recently reached about 11,000 BTC, the highest level since late December 2025. Moving coins to exchanges as prices rise is typically interpreted as preparing to sell or take profits.

The inflows were clearly led by whales rather than retail investors. The average Bitcoin deposit sent to exchanges rose to 2.25 BTC. That level is difficult to produce through small investors splitting and sending minor amounts.

The share of large deposits in total inflows also jumped quickly. It rose from 10 percent a few days ago to 40 percent recently. CryptoQuant pointed out that in the past, Bitcoin prices weakened after such an expansion appeared.

The price level the market is watching is $76,800. CryptoQuant presented that range as traders’ on-chain realised price and a level that has served as resistance in bear markets. It said selling could emerge as Bitcoin reaches that price as holders try to recoup losses, slowing the pace of gains.

If it fails to break that resistance, the next major support was put near $67,600. CryptoQuant judged that, with selling pressure rising among uneasy investors, the odds are high that Bitcoin will fail to break $76,800.

Positions within the market are split. In the spot market, whales are using the rebound to reduce holdings, while bullish bets continue in derivatives. As Bitcoin rose above $70,000, some short positions were liquidated, and new long positions came in above $73,000. Funding rates also turned positive from strongly negative.

CryptoQuant said the divergence could increase short-term volatility. While whales look for an exit during the same rebound, futures traders are betting more aggressively on further gains. It also warned that even if Bitcoin briefly moves above $76,800, a swift pullback could leave late entrants trapped in losses.