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NewsBTC 2021-11-05 19:00:26

Data Shows Whales Are Dumping, But Bitcoin Holds Above $60k

On-chain data shows Bitcoin whales are dumping as they make up almost 90% of the transactions to exchanges, but BTC holds support above $60k. Bitcoin Exchange Whale Ratio Says Nearly 90% Of Transactions Are From Whales As pointed out by a CryptoQuant post, BTC has continued to hold support above $60k despite on-chain data showing whales are dumping their coins. The indicator of relevance here is the “exchange whale ratio.” This metric measures the ratio between the top ten inflow transactions to exchanges and the total volume of Bitcoin moving to exchanges. With this ratio, the relative size between whale transactions and the total exchange transactions becomes apparent. If the value of the indicator is higher than 85%, it may suggest that whales have started to dump their coins. Now, here is a chart that shows the trend in the value of the Bitcoin metric over the last couple of months: Whale ratio has gone up recently | Source: CryptoQuant As the above graph shows, the indicator has shown an uptrend recently, and now whale transactions make up for nearly 90% of the inflow volume to exchanges. Related Reading | Quant Explains How Bitcoin On-Chain Data Can Identify Peaks Vs Shakeouts Such high values suggest there is whale dumping going on in the market. However, despite this trend, BTC has still maintained support above $60k. There is also another indicator’s curve in the above chart. It’s the...

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Data Shows Whales Are Dumping, But Bitcoin Holds Above $60k

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