Bitcoin Breaks $24k As Exchange Whale Ratio Declines
29 Julio 2022 - 02:00PM
NEWSBTC
On-chain data shows the Bitcoin exchange whale ratio has declined
recently as the crypto surges above the $24k mark. Bitcoin Exchange
Whale Ratio (EMA 7) Is Currently Below 0.50 As per a post from
CryptoQuant, the BTC exchange whale ratio has gone down recently
while the price has surged up. The “exchange whale ratio” is an
indicator that measures the ratio between the sum of the top 10
Bitcoin transactions to exchanges and the total exchange inflows.
exchange whale ratio = sum of top 10 inflow txs (in BTC) ÷ total
exchange inflows (in BTC) Here, the ten largest transfers are
considered as they generally belong to the whales. Thus, when the
value of the ratio is high, it means whales are making up for a
large part of the total inflows right now. Since investors usually
send their BTC to exchanges for selling purposes, this trend can be
a sign that whales are dumping at the moment. and hence can be
bearish for the crypto’s price. On the other hand, low values of
the metric can suggest whales are currently occupying a normal
amount of the total inflows. Such a trend could be either neutral
or bullish for the coin’s value. Now, here is a chart that shows
the trend in the 7-day exponential moving-average Bitcoin exchange
whale ratio over the past month: The EMA-7 value of the metric
looks to have been down in recent days | Source: CryptoQuant As you
can see in the above graph, the Bitcoin exchange whale ratio
(EMA-7) has been below a value of 0.50 for seven out of the last
eight days. The 0.50 mark is the dumping threshold for the EMA-7
version of the metric and as the indicator has been below this
value recently, the selling pressure from whales has been low.
While the ratio has gone down, BTC’s price has enjoyed some upwards
momentum as the coin surged up above the $24k mark earlier today.
BTC Price At the time of writing, Bitcoin’s price floats around
$23.5k, down 1% in the last seven days. Over the past month, the
crypto has gained 15% 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 observed some upwards movement during the last
couple of days | Source: BTCUSD on TradingView Around ten days ago
Bitcoin had recovered above $23k, but only a few days later the
crypto’s price again started to go downhill. However, in the last
couple of days, the coin enjoyed some sharp upwards momentum as it
retook $23k. Earlier today, BTC even broke above $24k, though it
wasn’t long before the crypto saw a slump and came down to the
current level. Featured image from Karl-Heinz Müller on
Unsplash.com, charts from TradingView.com, CryptoQuant.com
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