Bitcoin Exchange Whale Ratio Has Stayed At Elevated Values Recently
As pointed out by an analyst in a CryptoQuant , the BTC exchange whale ratio has remained at high values recently.The “exchange whale ratio” is defined as the sum of the top 10 Bitcoin transactions to exchanges divided by the total inflows.
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Looks like the value of the indicator has been high recently | Source:As you can see in the above graph, the Bitcoin exchange whale ratio (SMA 30) is at a high value right now. The indicator’s value had dropped off a bit just before the latest rally that took the coin above $47k, but it wasn’t long until it observed an increase again. In response to this new wave of dumping from the whales, the price has dropped off below the $45k level once again.
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The ratio looks to be climbing up still, or at least staying at the current high values, which could suggest the price may see more decline soon.However, it’s also possible the Bitcoin whales may be done with their dumping for now and the ratio could drop back off to allow the price to recover, but it all remains to be seen.
BTC Price
At the time of writing, Bitcoin’s price floats around $43.1k, down 5% in the last seven days. Over the past month, the crypto has accumulated 13% in gains.
The below chart shows the trend in the price of the coin over the last five days.The price of BTC seems to have been moving sideways since the plunge down to $43k | Source:
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com