12K BTC deposited into futures exchanges within the past hour

According to CryptoQuant Alert, 12,033.22 BTC was deposited into multiple futures exchanges within the past hour. 8,359 BTC was deposited into Kraken, 3,190 BTC into Binance and 207 BTC into Bitfinex. Generally, exchange deposits are interpreted as an intention to sell Bitcoin while withdrawals are interpreted as an intention to hold the asset. However, CryptoQuant explained that in the case of exchanges that offer digital asset custody services, large deposits are likely to be deposits from custody customers.