Tuesday, December 7, 2021


Bitcoin (BTC) whales are shifting giant quantities of cash to exchanges in tandem with giant outflows, curious new knowledge reveals. 

Based on the alternate whale ratio indicator from on-chain analytics agency CryptoQuant, giant transactions have accounted for over 90% of latest alternate deposits.

High 10 deposits make up 90% of alternate inflows

In a marked change from earlier habits, over the previous week, whales have grow to be rather more lively potential sellers on exchanges.

The alternate whale ratio, which measures how giant the highest 10 deposits to exchanges are relative to all deposits, is sounding the alarm.

“Whales are depositing BTC to exchanges,” CryptoQuant CEO Ki Younger Ju summarized

“$BTC Change Whale Ratio(72h MA) reached 91%. This means the highest 10 deposits take 91% of the deposit quantity throughout all exchanges within the hourly timeframe.”

BTC/USD with alternate whale ratio annotated chart. Supply: Ki Younger Ju/Twitter

The information presents an fascinating counterpoint to the present narrative involving whales.

As Cointelegraph reported, giant wallets have been shopping for all through the latest downturn, whereas on Tuesday, bid ranges amongst whales increased on alternate Bitfinex from $50,000 to round $54,000.

As responses to Ki moreover famous, outflows from exchanges en masse additionally proceed, with reserves nonetheless at their lowest since mid-2018.

Bitcoin alternate reserves chart as of Nov. 22. Supply: CryptoQuant

BTC value spikes preserve coming (and going)

Bitcoin noticed risky spikes Tuesday in what would correlate with sudden large-volume actions on exchanges.

Associated: Total crypto market cap drops by 6.7%, but futures data finds a silver lining

The phenomenon has performed out several times over the previous week, every time seeing a sudden burst in BTC value motion that then dissipates at main resistance ranges.

BTC/USD 30-minute candle chart (Bitstamp). Supply: TradingView

For analysts, $60,000 nonetheless must return and hold as assist as soon as extra with a view to set off a real change within the present downtrend.