TL; DR Breakdown
- Crypto exchanges witness massive inflow of Bitcoin.
- Whales make up 90% of Bitcoin deposits.
- Bitcoin in crypto exchange reserve continues to reduce.
Crypto traders in the market have been seeing massive gains trading numerous assets over the last few months. One such asset that has skyrocketed in the last few months is the king of the crypto sector, Bitcoin. Even though the digital asset has slowly steadied its move, traders continue to flock to crypto exchanges to trade the asset. According to new data, Bitcoin Whales are moving massive amounts of Bitcoin into crypto exchanges as more traders continue to cash out on their Bitcoin.
Whales responsible for 90% of BTC deposits on crypto exchanges
According to a metric explored by CryptoQuant, an analytics platform that deals with on-chain activities, over 90% of Bitcoin deposited on crypto exchanges have been from Whales. In a change from the normal that has been going on across different exchanges, crypto whales are now open to selling their Bitcoin on crypto exchanges.
The exchange whale ratio, a metric used to measure how huge the first ten deposits made on a crypto exchange are, is tilting to a place of alarm. According to the firm’s CEO, Ki-Young Ju, crypto whales presently deposit the highest amounts ever recorded on crypto exchanges.
Crypto whales continue to sell off Bitcoin
This recent data is very different and provides analysts with a point to counter the recent metric that has been ongoing in the last few days. Recent reports claimed that crypto whales have been stacking up their Bitcoin, with the leading digital asset seeing a downturn in fortune in the last few days.
The metric was again confirmed on Bitfinex as the exchange saw a massive bid level regarding crypto whales increase to $54,000 from the initial $50,000. Ki also mentioned that the reserve levels are still low as some whales move out their Bitcoin from crypto exchanges.
In a blockchain data that was reviewed recently, the wallet with the third-highest Bitcoin contributed to the buying spree among whales by buying more assets last week. Before then, his balance was at 207 Bitcoin, with the wallet seeing inflows of 1,647, 700, and 484 Bitcoin recently.
The report also claimed that most Bitcoin holders who bought their assets in the last year still choose to hold on to them. Bitcoin saw a small shoot upward, which is understandable judging by the activities surrounding crypto whales. This has been the action regarding the asset’s price in the last few weeks where it would climb upward and be pushed down by resistance.