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Bitcoin exchanges see giant deposits regardless of BTC reserves hitting 3-year lows

bitcoin-exchanges-see-giant-deposits-regardless-of-btc-reserves-hitting-3-year-lows

Bitcoin value spikes proceed as information reveals change exercise is something however flat this week.

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Bitcoin exchanges see large deposits despite BTC reserves hitting 3-year lows

Bitcoin (BTC) whales are shifting giant quantities of cash to exchanges in tandem with giant outflows, curious new information reveals. 

In line with the change whale ratio indicator from on-chain analytics agency CryptoQuant, giant transactions have accounted for over 90% of current change deposits.

High 10 deposits make up 90% of change inflows

In a marked change from earlier habits, over the previous week, whales have develop into far more energetic potential sellers on exchanges.

The change whale ratio, which measures how giant the highest 10 deposits to exchanges are relative to all deposits, is sounding the alarm.

“Whales are depositing BTC to exchanges,” CryptoQuant CEO Ki Younger Ju summarized. 

“$BTC Trade Whale Ratio(72h MA) reached 91%. This means the highest 10 deposits take 91% of the deposit quantity throughout all exchanges within the hourly timeframe.”

BTC/USD with change whale ratio annotated chart. Supply: Ki Younger Ju/Twitter

The info presents an attention-grabbing counterpoint to the present narrative involving whales.

As Cointelegraph reported, giant wallets have been shopping for all through the current downturn, whereas on Tuesday, bid ranges amongst whales elevated on change Bitfinex from $50,000 to round $54,000.

As responses to Ki moreover famous, outflows from exchanges en masse additionally proceed, with reserves nonetheless at their lowest since mid-2018.

Bitcoin change reserves chart as of Nov. 22. Supply: CryptoQuant

BTC value spikes preserve coming (and going)

Bitcoin noticed risky spikes Tuesday in what would correlate with sudden large-volume actions on exchanges.

Associated: Complete crypto market cap drops by 6.7%, however futures information finds a silver lining

The phenomenon has performed out a number of occasions over the previous week, every time seeing a sudden burst in BTC value motion that then dissipates at main resistance ranges.

BTC/USD 30-minute candle chart (Bitstamp). Supply: TradingView

For analysts, $60,000 nonetheless must return and maintain as help as soon as extra with a view to set off a real change within the present downtrend.

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