Cointelegraph reported the assessment in a post on X, citing CryptoQuant analyst PelinayPA’s analysis of Bitcoin market activity (post). CryptoQuant is a blockchain analytics platform that aggregates on-chain and exchange data, and its analysts regularly publish readings of wallet and trading flows. According to the analyst, large Bitcoin holders still consider BTC too cheap to sell, while declining inflows to exchanges and limited selling pressure point to further upside.

Bitcoin Selling Pressure Remains Limited

The assessment centers on the behavior of large Bitcoin holders, commonly known as whales. According to PelinayPA, these investors have not shown significant profit-taking activity despite Bitcoin’s market position.

A key indicator cited in the analysis is the decline in Bitcoin inflows to cryptocurrency exchanges. Market analysts closely watch exchange inflows because transfers to trading platforms can precede potential selling activity, although an exchange deposit does not necessarily mean that an asset will be sold. Exchange inflow data is one of several widely tracked on-chain metrics, alongside exchange reserves and whale transaction counts, that analysts use to gauge the balance between potential supply reaching markets and coins being held in cold storage.

PelinayPA links the combination of declining inflows and limited selling pressure to continued upside potential. However, the analyst did not provide a specific price target or forecast in the information shared by Cointelegraph.

CryptoQuant Analyst Points to Whale Behavior

Whale activity is often monitored through blockchain data because large holders can account for a substantial share of Bitcoin’s on-chain activity. Because Bitcoin’s ledger is public, wallet movements by large holders are observable, which is why whale-tracking has become a recurring feature of crypto market analysis. In this case, PelinayPA’s analysis focuses on whether these holders are moving BTC toward exchanges and realizing profits.

The CryptoQuant analyst’s conclusion is that whales remain reluctant to sell at current levels. The statement that these holders still consider Bitcoin “too cheap” reflects the analyst’s interpretation of available on-chain data rather than an independently established valuation of the cryptocurrency.

That distinction matters: on-chain indicators can reveal transaction and wallet behavior but do not directly show every holder’s intentions. Transfers can serve purposes other than selling, and an absence of exchange inflows does not guarantee that selling pressure will remain low.

Further Upside Remains an Analyst View

PelinayPA said the current combination of market indicators points to further upside for Bitcoin — a forward-looking assessment rather than a confirmed outcome. Readers watching how this thesis develops can follow the same indicators the analyst cited, such as whether exchange inflows remain subdued or whale wallets begin moving coins to trading platforms, as observable signals of any change in behavior.

The X post did not provide additional details on how long the decline in exchange inflows has lasted, the size of the whale holdings involved, or a specific threshold that would signal a change in selling behavior.

For now, the data cited by the CryptoQuant analyst points to two notable conditions: Bitcoin exchange inflows are declining and selling pressure remains limited. PelinayPA interprets those signals as evidence that whales are not yet taking significant profits because they continue to view BTC as undervalued at current levels.