Those who believe in Bitcoin also believe in intelligence.

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.

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.

Bitcoin exchange whale ratio annotated chart. Source: CryptoQuant

“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.

Exchange inflows annotated chart. Source: CryptoQuant

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.

Source link

Related Posts

Leave a Reply

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Hot Posts

Market May Be Suffering But Bitcoin And Ethereum Will Pull Back Stronger, Bloomberg Analyst
22 January 2022By
Opera’s new launch Web3 Crypto Broswer Is All Set For Your Device
22 January 2022By
Cardano Backed Metaverse Project Pavia’s Land Price Skyrockets
22 January 2022By

Video Posts

23 January 20220
22 January 20220

Recent Commens

Fintech investing In Dubai
We digitise capital using Blockchain, Internet of Things (IoT), Artificial Intelligence (AI), Decentralised Finance (DeFi),...
sophia linnea
Hi Guys Your blog well describes about what solana is and the progress of NFT...