The latest recovery rally in the price of Bitcoin has now slowed down as on-chain data shows signs of dumping from whales.
Bitcoin Exchange Whale Ratio Continues To Be At High Values
Како што истакна аналитичар во CryptoQuant пост, BTC whales are sending their coins to exchanges at the moment.
На "сооднос на размена на китови” is an indicator that measures the ratio between the sum of the top ten transactions to exchanges and the total Bitcoin exchange inflows.
In simpler terms, this metric tells us how the whale transactions (that is, the ten biggest transfers) compare with the total amount going into exchanges.
If the value of this ratio is high, it means китови are making up for a large part of the inflows right now. Such a trend can be a sign of dumping from these whales, and thus can be bearish for the crypto’s price.
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On the other hand, low values of the indicator imply whales are making up a healthy part of the inflows currently. This trend can prove to be either neutral or bullish for the value of BTC.
Now, here is a chart that shows the trend in the Bitcoin exchange whale ratio over the last few months:
The 72-hour MA value of the metric seems to have been high recently | Source: КриптоКвајт
As you can see in the above graph, the Bitcoin exchange whale ratio has stayed at pretty high values in recent days.
Generally, the indicator’s value remains less than 0.85 during bull markets, while it stays at higher values than that in bear market periods.
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The current value of the ratio is above 0.90, which means more than 90% of the exchange inflow is from the ten largest transactions right now. This can be a hint that whales are dumping at the moment.
Bitcoin attempted a recovery rally over the last few days after hitting the low below $18k, but the run has now slowed down as the value of the coin now looks to be moving sideways.
This halt in the move may possibly be because of selling from whales that the exchange whale ratio is signaling right now.
БТЦ цена
Во времето на пишувањето, Цената на Биткоин плови околу 20.7 илјади долари, што е пад од 2% во последните седум дена. Во текот на изминатиот месец, крипто изгуби 31% од вредноста.
Табелата подолу го прикажува трендот на цената на монетата во последните пет дена.
Looks like the value of the crypto has been consolidating sideways over the past few days | Source: BTCUSD на TradingView
Featured image from Fábio Hanashiro on Unsplash.com, charts from TradingView.com, CryptoQuant.com
Source: https://www.newsbtc.com/news/bitcoin/bitcoin-recovery-slows-whale-inflows-elevated/