Vitalik Buterin, Co-Founder of Ethereum, Now Has A Net Worth Of $1.46 Billion
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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 “exchange reserve” metric that shows the total amount of BTC currently present in wallets of all exchanges. Looks like the trend with this indicator during this period has been that it’s going down. This means investors have been pulling their coins off exchanges, and so the supply for selling is being reduced. Related Reading | Bitcoin Trades Sideways, Technicals Point Chances of Fresh Rally This has been creating a supply shock in the Bitcoin market, and it may be this trend that’s making up for whale dumping and helping the coin keep above $60k. BTC Price At the time of writing, Bitcoin’s price floats around $61.5k, up 1% in the last seven days. Over the past month, the crypto has gained 16% in value. The below chart shows the trend in the price of the coin over the last five days. BTC’s price shows some sideways trend over the last few days | Source: BTCUSD on TradingView Bitcoin has slowed down some in the last couple of weeks as the price of the crypto has been mostly consolidating between the $64k and $60k range. It’s unclear when the trend might break or which direction the crypto might move in once it does, but for now the market has held up support despite the dumping from whales. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
Hey folks, like the title says, I need some more cash in my bank account to cover my ass until I get my paycheck next Friday. My goal is to move from Exodus to Coinbase and just cash out. Does it make sense to use a layer 2 solution (which I have zero idea how…
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Hey everyone, I’ve been out to the game for a little bit and wanted to reach out and see what you guys are interested in. I recently came into about $3000 and I’d like to invest in the crypto market again. I got big into crypto in 2017 and now that I’m back I see…
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Avalanche Foundation showcases a six-figure ecosystem fund, wXRP set to launch smart contracts on Ethereum, and AllianceBlock joins forces with Flare — all coming to you in this week’s Finance Redefined.
Altcoins like XYO, CRO and WNXM are capitalizing on BTC and ETH’s consolidation by moving higher.