On-Chain Data Shows Bitcoin Whale Dumping Behind Dip Below $19k
08 Septiembre 2022 - 02:00PM
NEWSBTC
On-chain data shows the Bitcoin exchange whale ratio spiked up just
before the crypto’s plunge below the $19k level. Bitcoin Exchange
Whale Ratio Breached 90% Right Before The Price Dip As pointed out
by an analyst in a CryptoQuant post, the whale activity on
exchanges has been raised recently. The “exchange whale ratio” is
an indicator that measures the ratio between the top ten inflow
transactions to exchanges and the total exchange inflows. The ten
biggest transfers are assumed to be from the whales, so that the
metric tells us what part of the total number of coins moving into
exchanges is coming from these humungous holders. When the value of
this indicator is high, it means a large part of the inflows is
coming from whales right now. Such a trend can be a sign of dumping
from this cohort and can therefore be bearish for the price. On the
other hand, low values of the ratio can suggest whales are making
up a healthy part of the transactions to exchanges at the moment.
This kind of trend can either be bullish or neutral for the
crypto’s value. Related Reading: Core Scientific Confirms selling
1,100 Bitcoin In August, What Was Its Impact? Historically, the
metric has usually had values above 0.85 during bear markets or
fake bulls, while it has generally remained below this threshold
during bull runs. Now, here is a chart that shows the trend in the
Bitcoin exchange whale ratio over the last couple of months: The
value of the metric seems to have been elevated recently | Source:
CryptoQuant As you can see in the above graph, the Bitcoin exchange
whale ratio surged up yesterday and hit a value of 0.9, implying
that whales contributed 90% of the inflows to exchanges. This spike
in the indicator came not too long before the plummet in the price
of the coin below $19k, suggesting that dumping from whales may
have been behind the drop. Related Reading: Reap a 7% Presale Bonus
Reward with VertoChain – See How It’s Aiming to ‘Swap’ market cap
roles with top crypto Ethereum and Bitcoin The ratio has also
remained elevated since then, which could mean the cohort is
continuing to deposit to exchanges, something that could prove to
bearish for BTC. BTC Price At the time of writing, Bitcoin’s price
floats around $19.3k, down 4% in the last seven days. Over the past
month, the crypto has lost 17% in value. The below chart shows the
trend in the price of the coin over the last five days. Looks like
the value of the crypto has rebounded back a little to above $19k
again since the plunge yesterday | Source: BTCUSD on TradingView
Featured image from Karl-Heinz Müller on Unsplash.com, charts from
TradingView.com, CryptoQuant.com
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