On-chain data shows the Bitcoin exchange whale ratio has been going up recently, something that may be bearish for the price of the crypto.<\/p>\n
Bitcoin Exchange Whale Ratio Has Been Going Up In Recent Weeks<\/p>\n
As pointed out by an analyst in a CryptoQuant post, the current BTC whale ratio value suggests whales are still selling large amounts.<\/p>\n
The \u201cexchange whale ratio\u201d is an indicator that measures the ratio between the sum of the top ten Bitcoin transactions to exchanges and the total exchange inflows.<\/p>\n
In simpler terms, what this metric tells is how much of the total inflows to exchanges is contributed by the whales (the ten largest transactions are assumed to be from whales).<\/p>\n
When the value of the ratio is high, it means the whales are making up for a large part of the inflows right now. Such a trend can be a sign of dumping from these humongous holders, and hence can be bearish for the crypto.<\/p>\n
Related Reading |\u00a0Glassnode: Bitcoin LTHs Who Bought During 2017-2020 Aren\u2019t Selling Yet<\/p>\n
On the other hand, low values of the metric can suggest whales are selling at a healthy rate right now. This could be either neutral or bullish for BTC\u2019s price.<\/p>\n
Now, here is a chart that shows the trend in the Bitcoin exchange whale ratio over the last couple of years:<\/p>\n\n
Looks like the value of the indicator has been going up recently | Source: CryptoQuant<\/p>\n
As you can see in the above graph, the Bitcoin exchange whale ratio has been rising up in recent weeks.<\/p>\n
The increase seems to have started around when the coin dropped below the $20k support. A large part of the market went underwater following this crash and the subsequent ramping up of dumping from whales could suggest they are in a capitulation phase right now.<\/p>\n
Related Reading |\u00a0Inflation Hits New 40-Year High, Will Bitcoin And Ethereum Plummet Again?<\/p>\n
The quant notes that while this heavy selling from the whales can be bearish for the crypto\u2019s price in the short term, it could also be a sign that the bottom is coming near.<\/p>\n
BTC Price<\/p>\n
At the time of writing, Bitcoin\u2019s price floats around $19.4k, down 3% in the last seven days. Over the past month, the crypto has lost 27% in value.<\/p>\n
The below chart shows the trend in the price of the coin over the last five days.<\/p>\n\n
The value of the crypto seems to have been going down over the last few days | Source: BTCUSD on TradingView<\/p>\n
Bitcoin looked to be holding above $20k a week ago or so, but during the past few days the coin has once again started moving down below the level.<\/p>\n
Featured image from Karl-Heinz M\u00fcller on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
On-chain data shows the Bitcoin exchange whale ratio has been going up recently, something that may be bearish for the price of the crypto.<\/p>\n
Bitcoin Exchange Whale Ratio Has Been Going Up In Recent Weeks<\/p>\n
As pointed out by an analyst in a CryptoQuant post, the current BTC whale ratio value suggests whales are still selling large amounts.<\/p>\n
The \u201cexchange whale ratio\u201d is an indicator that measures the ratio between the sum of the top ten Bitcoin transactions to exchanges and the total exchange inflows.<\/p>\n
In simpler terms, what this metric tells is how much of the total inflows to exchanges is contributed by the whales (the ten largest transactions are assumed to be from whales).<\/p>\n
When the value of the ratio is high, it means the whales are making up for a large part of the inflows right now. Such a trend can be a sign of dumping from these humongous holders, and hence can be bearish for the crypto.<\/p>\n
Related Reading |\u00a0Glassnode: Bitcoin LTHs Who Bought During 2017-2020 Aren\u2019t Selling Yet<\/p>\n
On the other hand, low values of the metric can suggest whales are selling at a healthy rate right now. This could be either neutral or bullish for BTC\u2019s price.<\/p>\n
Now, here is a chart that shows the trend in the Bitcoin exchange whale ratio over the last couple of years:<\/p>\n
Looks like the value of the indicator has been going up recently | Source: CryptoQuant<\/p>\n
As you can see in the above graph, the Bitcoin exchange whale ratio has been rising up in recent weeks.<\/p>\n
The increase seems to have started around when the coin dropped below the $20k support. A large part of the market went underwater following this crash and the subsequent ramping up of dumping from whales could suggest they are in a capitulation phase right now.<\/p>\n
Related Reading |\u00a0Inflation Hits New 40-Year High, Will Bitcoin And Ethereum Plummet Again?<\/p>\n
The quant notes that while this heavy selling from the whales can be bearish for the crypto\u2019s price in the short term, it could also be a sign that the bottom is coming near.<\/p>\n
BTC Price<\/p>\n
At the time of writing, Bitcoin\u2019s price floats around $19.4k, down 3% in the last seven days. Over the past month, the crypto has lost 27% in value.<\/p>\n
The below chart shows the trend in the price of the coin over the last five days.<\/p>\n
The value of the crypto seems to have been going down over the last few days | Source: BTCUSD on TradingView<\/p>\n
Bitcoin looked to be holding above $20k a week ago or so, but during the past few days the coin has once again started moving down below the level.<\/p>\n
Featured image from Karl-Heinz M\u00fcller on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-3339","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/3339","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=3339"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/3339\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=3339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=3339"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=3339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}