Bitcoin exchanges see giant deposits regardless of BTC reserves hitting 3-year lows
Bitcoin (BTC) whales are shifting giant quantities of cash to exchanges in tandem with giant outflows, curious new information reveals.
According to the exchange whale ratio indicator from on-chain analytics agency CryptoQuant, giant transactions have accounted for over 90% of current exchange deposits.
Top 10 deposits make up 90% of exchange inflows
In a marked change from earlier habits, over the previous week, whales have turn into way more lively potential sellers on exchanges.
The exchange 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 Young Ju summarized.
“$BTC Exchange Whale Ratio(72h MA) reached 91%. This indicates the top 10 deposits take 91% of the deposit volume across all exchanges in the hourly timeframe.”
The information presents an fascinating counterpoint to the present narrative involving whales.
As Cointelegraph reported, giant wallets have been shopping for all through the current downturn, whereas on Tuesday, bid ranges amongst whales elevated on exchange 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.
BTC worth spikes maintain coming (and going)
Bitcoin noticed unstable spikes Tuesday in what would correlate with sudden large-volume actions on exchanges.
Related: Total crypto market cap drops by 6.7%, however futures information finds a silver lining
The phenomenon has performed out a number of instances over the previous week, every time seeing a sudden burst in BTC worth motion that then dissipates at main resistance ranges.
For analysts, $60,000 nonetheless must return and maintain as help as soon as extra in an effort to set off a real change within the present downtrend.