Although BTC reserves hit a 3-year low, there are still large deposits on Bitcoin exchanges
Bitcoin (Bitcoin) New data shows that whales are transferring a large number of coins to exchanges, while a large amount of funds are flowing out.
According to the exchange whale ratio indicator of the on-chain analysis company CryptoQuant, large transactions have accounted for more than 90% of recent exchange deposits.
Top 10 deposits account for 90% of foreign exchange inflows
Compared with the previous behavior, there has been a significant change in the past week, and the whale has become a more active potential seller on the exchange.
The exchange whale ratio, which measures the ratio of top 10 exchange deposits to all deposits, is ringing the alarm.
“Whales are depositing BTC on the exchange,” CryptoQuant CEO Ki Young Ju Summarize.
“The $BTC exchange whale ratio (72h MA) reached 91%. This shows that the top 10 deposits account for 91% of all exchange deposits in the hourly time frame.”
These data form an interesting contrast with current narratives involving whales.
As the response to Ki also pointed out, massive outflows from exchanges are continuing, and foreign exchange reserves are still at their lowest level since mid-2018.
BTC prices continue to rise (and continue)
Bitcoin saw a surge in volatility on Tuesday, which was related to the sudden large number of actions on the exchange.
Phenomenon has happened several times In the past week, every time we saw a sudden burst of BTC price movements and then dissipated at major resistance levels.
For analysts, $60,000 is still needed Go back and keep Act as support again to trigger a real change in the current downtrend.