{"id":530432,"date":"2023-05-08T14:40:02","date_gmt":"2023-05-08T14:40:02","guid":{"rendered":"https:\/\/wncen.com\/?p=530432"},"modified":"2024-06-11T08:50:25","modified_gmt":"2024-06-11T08:50:25","slug":"bitcoin-drop-further-whales-signs-of-dumping","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-drop-further-whales-signs-of-dumping\/","title":{"rendered":"Bitcoin To Drop Further? Whales Show Signs Of Dumping"},"content":{"rendered":"

On-chain data shows the Bitcoin exchange whale ratio has spiked recently, something that could lead to further downside in the asset’s value.<\/p>\n

Bitcoin Exchange Whale Ratio Has Sharply Surged Recently<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, the exchange whale ratio is currently at its highest level since September 2019. The “exchange whale ratio<\/a>” is an indicator that measures the ratio between the sum of the top 10 inflows to exchanges and the total exchange inflows.<\/p>\n

An “exchange inflow<\/a>” is any movement of Bitcoin towards the wallets of centralized exchanges from addresses outside such platforms (like self-custodial wallets).<\/p>\n

The top 10 inflows here refer to the 10 largest inflow transactions going towards these platforms. Generally, these largest transfers are coming from the whales, so the exchange whale ratio can tell us how the inflow activity of the whales currently compares with that of the entire market (the total inflows).<\/p>\n

When this indicator has a high value, it means these humongous holders are making up a large part of the total inflows currently. As one of the main reasons why investors move their coins to exchanges is for selling-related purposes, this kind of trend can be a sign that whales are selling right now.<\/p>\n

On the other hand, low values of the metric imply this cohort isn’t making too many inflows relative to the rest of the market. Such a trend can be either neutral or bullish for the cryptocurrency’s price, depending on some other market conditions.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin exchange whale ratio over the last few years:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has been pretty high in recent days | Source: CryptoQuant<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin exchange whale ratio has observed a pretty large spike recently. This suggests that whales are making up a rather large part of the total exchange inflows currently.<\/p>\n
Related Reading: Bitcoin Block 788695: The Day Transaction Fees Took The Crown<\/a><\/div>\n
The metric has crossed the value of 0.8 in this spike, implying that more than 80% of the inflows are coming from these humongous investors right now. This level of ratio hasn’t been seen in the market since way back in 2019.<\/p>\n
This previous spike of similar scale occurred as the price was winding down from the April 2019 rally<\/a>, and shortly after it took place, Bitcoin registered an extension in its drawdown.<\/p>\n
An even larger spike in the ratio was also observed earlier in the same year, around when the aforementioned April 2019 rally topped out. The timings of these two spikes may suggest that it was the dumping from the whales that influenced the market and caused the price to go down.<\/p>\n
Related Reading: If Over 2,300 Banks In America Are Bankrupt, Will Bitcoin Break Above $40,000?<\/a><\/div>\n
If these previous instances of whale inflow activity of similar levels are anything to go by, then the Bitcoin price may face a bearish decline in the near term due to the current potential selling pressure from this cohort.<\/p>\n
The drawdown may have possibly also already started, as the cryptocurrency’s price has taken a dive below the $28,000 mark today.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $27,900, down 2% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has plunged in the past day | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Thomas Lipke on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Bitcoin exchange whale ratio has spiked recently, something that could lead to further downside in the asset’s value. Bitcoin Exchange Whale Ratio Has Sharply Surged Recently As pointed out by an analyst in a CryptoQuant post, the exchange whale ratio is currently at its highest level since September 2019. The “exchange whale ratio” is an indicator that measures the ratio between the sum of the top 10 inflows to exchanges and the total exchange inflows. An “exchange inflow” is any movement of Bitcoin towards the wallets of centralized exchanges from addresses outside such platforms (like self-custodial wallets). The top 10 inflows here refer to the 10 largest inflow transactions going towards these platforms. Generally, these largest transfers are coming from the whales, so the exchange whale ratio can tell us how the inflow activity of the whales currently compares with that of the entire market (the total inflows). When this indicator has a high value, it means these humongous holders are making up a large part of the total inflows currently. As one of the main reasons why investors move their coins to exchanges is for selling-related purposes, this kind of trend can be a sign that whales are selling right now. On the other hand, low values of the metric imply this cohort isn’t making too many inflows relative to the rest of the market. Such a trend can be either neutral or bullish for the cryptocurrency’s price, depending on some other market conditions. Now, here is a chart that shows the trend in the Bitcoin exchange whale ratio over the last few years: Looks like the value of the metric has been pretty high in recent days | Source: CryptoQuant As displayed in the above graph, the Bitcoin exchange whale ratio has observed a pretty large spike recently. This suggests that whales are making up a rather large part of the total exchange inflows currently. Related Reading: Bitcoin Block 788695: The Day Transaction Fees Took The Crown The metric has crossed the value of 0.8 in this spike, implying that more than 80% of the inflows are coming from these humongous investors right now. This level of ratio hasn’t been seen in the market since way back in 2019. This previous spike of similar scale occurred as the price was winding down from the April 2019 rally, and shortly after it took place, Bitcoin registered an extension in its drawdown. An even larger spike in the ratio was also observed earlier in the same year, around when the aforementioned April 2019 rally topped out. The timings of these two spikes may suggest that it was the dumping from the whales that influenced the market and caused the price to go down. Related Reading: If Over 2,300 Banks In America Are Bankrupt, Will Bitcoin Break Above $40,000? If these previous instances of whale inflow activity of similar levels are anything to go by, then the Bitcoin price may face a bearish decline in the near term due to the current potential selling pressure from this cohort. The drawdown may have possibly also already started, as the cryptocurrency’s price has taken a dive below the $28,000 mark today. BTC Price At the time of writing, Bitcoin is trading around $27,900, down 2% in the last week. BTC has plunged in the past day | Source: BTCUSD on TradingView Featured image from Thomas Lipke on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":530451,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,86040,88237,19064,1119,1144],"class_list":["post-530432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-exchange-whale-ratio","tag-bitcoin-whale-dumping","tag-bitcoin-whales","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin To Drop Further? Whales Show Signs Of Dumping<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin exchange whale ratio has spiked recently, something that could lead to further downside in the asset's value. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin To Drop Further? 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