Although BTC reserves hit a 3-year low, there are still large deposits on Bitcoin exchanges

Bitcoin (Bitcoin) New data shows that whales are transferring a large number of coins to exchanges, while a large amount of funds are flowing out.

According to the exchange whale ratio indicator of the on-chain analysis company CryptoQuant, large transactions have accounted for more than 90% of recent exchange deposits.

Top 10 deposits account for 90% of foreign exchange inflows

Compared with the previous behavior, there has been a significant change in the past week, and the whale has become a more active potential seller on the exchange.

The exchange whale ratio, which measures the ratio of top 10 exchange deposits to all deposits, is ringing the alarm.

“Whales are depositing BTC on exchanges,” CryptoQuant CEO Ki Young Ju Summarize.

“The $BTC exchange whale ratio (72h MA) reached 91%. This shows that in the hourly time frame, the top 10 deposits account for 91% of all exchange deposits.”

BTC/USD chart with annotated exchange whale ratio.Source: Ki Young Ju/Twitter

These data form an interesting contrast with current narratives involving whales.

As Cointelegraph Report, During the recent downturn, big wallets have been buying, and on Tuesday, the whale’s bid level Increase On the exchange Bitfinex is from 50,000 USD to 54,000 USD.

As pointed out in Ki’s response, massive outflows from exchanges are also continuing, and foreign exchange reserves are still at their lowest level since mid-2018.

Bitcoin foreign exchange reserves chart as of November 22. Source: CryptoQuant

BTC prices continue to rise (and continue)

Bitcoin saw a surge in volatility on Tuesday, which was related to the sudden large number of actions on the exchange.

related: The total market value of cryptocurrencies fell by 6.7%, but futures data shows a silver lining

Phenomenon has occurred several times In the past week, every time we saw a sudden burst of BTC price movements, and then dissipated at major resistance levels.

BTC/USD 30-minute candlestick chart (Bitstamp). Source: TradingView

For analysts, $60,000 is still needed Go back and keep Act as support again to trigger a real change in the current downtrend.