More Correction Soon? Bitcoin Whale Ratio Remains Elevated
08 Abril 2022 - 02:00PM
NEWSBTC
On-chain data shows Bitcoin whale ratio still has a high value
right now, suggesting that more downside could be coming for the
crypto soon. Bitcoin Exchange Whale Ratio Has Stayed At Elevated
Values Recently As pointed out by an analyst in a CryptoQuant post,
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. In
simpler terms, this indicator tells us the relative size of the
whale transactions (that is, the ten largest transactions) compared
to the total amount of coins moving into exchanges. When the value
of this ratio spikes up, it means whales now account for a high
percentage of the total exchange inflows. This can be a sign of
dumping from these massive holders, and could prove to be bearish
for the price of Bitcoin. Related Reading | Quant Explains How
Bitcoin Funding Rate Predicted The Latest Top On the other hand, a
low value of the indicator suggests whales make up a healthy part
of the total inflows right now. Sustained such trend can be bullish
for the crypto’s price. Now, here is a chart that shows the trend
in the Bitcoin exchange whale ratio (SMA 30) over the last few
years: Looks like the value of the indicator has been high recently
| Source: CryptoQuant 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. Related Reading | Bitcoin Collapses 7% As FED Gets
Hawkish, Why This Could Be A Buy The Dip Opportunity 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: BTCUSD on TradingView Featured image from Unsplash.com,
charts from TradingView.com, CryptoQuant.com
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