Information text

Your Location:Home>News>Main body

Bitcoin whales move fresh coins to exchanges in repeat of behavior before $42K BTC price dip

WikiBit

Abstract:BTC price data warns that whales are preparing for another Bitcoin price dip.

  William Suberg

  Bitcoin whales move fresh coins to exchanges in repeat of behavior before $42K BTC price dip

  Large-volume trader moves point to concerns that a fresh Bitcoin price dip could still occur.

  82 Total views

  1 Total shares

  Listen to article

  0:00

  Markets News

  Bitcoin (BTC) whales may be planning to sell at short notice as BTC price action struggles around $47,000.

  In its daily QuickTake market updates on Dec. 5, on-chain analytics firm CryptoQuant warned that large volume movements on exchanges were increasing again.

  Data points to whales increasingly eager to sell

  Highlighting its exchange whale ratio metric, CryptoQuant deduced that major Bitcoin investors were taking no chances when it comes to short-term price action.

  Exchange whale ratio measures the size of the largest inflows and outflows from exchanges relative to total inflows and outflows.

  Before Saturday's dip to $41,900, the metric spiked above the peak 0.95 level — and as of Monday, is back in the same territory.

  “Whales are still depositing BTC to exchanges. Exchange Whale Ratio reached over 95% again,” CryptoQuant commented.

  “Taker Buy Sell Ratio still remains negative, indicating the futures market sentiment is bearish.”

  As Cointelegraph reported, open interest on futures markets fell dramatically at the end of last week, but a debate remains over whether the flushing out was enough to save price action from further losses.

  “The period where the majority of the markets are only expecting further downside to happen,” Cointelegraph contributor Michaël van de Poppe continued on the day about market sentiment.

  “Just like three weeks ago majority were expecting a parabolic run to be happening in December.”Exchanges resume overall BTC losses

  Continuing, CryptoQuant noted that exchange reserves were already back to their existing long-term downtrend after briefly spiking immediately before the dip.

  Related: BTC sentiment ‘comparable to a funeral’ — 5 things to watch in Bitcoin this week

  “The futures market started cooling off as the estimated leverage ratio dropped -22%,” it added.

  Throughout the past few days, smaller investors have conversely been adding to their positions — a contrast to both whales and Bitcoin price corrections from earlier in 2021.

Token conversion
Exchange rate conversion
Calculation for foreign exchange purchasing
/

Current Rate0

Available

-

Calculate