Bitcoin Exchange Whale Ratio Has Gone Up In Recent Days
– The whale inflows to Bitcoin exchanges have been higher than usual recently.
– The “exchange whale ratio” measures the ratio between the top 10 inflows to exchanges and the total exchange inflows.
– A high value of this ratio suggests that whales are making up a significant part of the total market inflows, indicating selling pressure.
– Conversely, low values imply that whales are making up a healthy portion of the total inflows, which may be neutral or bullish for the cryptocurrency’s price.
Trend in Bitcoin Exchange Whale Ratio
– The Bitcoin exchange whale ratio has recently spiked, nearing the 0.70 mark.
– This implies that almost 70% of the total exchange inflows came from whales alone.
– If these whales have deposited their coins to sell, it could have a bearish effect on Bitcoin’s price.
– However, the price has not seen a significant decline so far.
– Previous instances of similar spikes in the whale ratio have led to price declines, either immediately or with a delay.
Potential Impact on Bitcoin Market
– It remains to be seen how the Bitcoin market will cope with the potential high selling pressure from whales this time.
– The current price of Bitcoin is around $29,000, down 2% in the last week.
Hot Take
The recent spike in the Bitcoin exchange whale ratio suggests that whales may be selling their coins, potentially putting downward pressure on the price. While the price has not seen a significant decline yet, historical patterns indicate that it could happen soon. The market will need to react to this potential selling pressure from whales, and it remains to be seen how it will impact Bitcoin’s price in the coming days.
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