Before the price of 42,000 USD BTC fell, the Bitcoin Whale transferred fresh coins to the exchange to repeat the behavior

Bitcoin (Bitcoin) As the price of BTC is hovering around US$47,000, the whale may plan to sell in a short period of time.

In the daily QuickTake market update on December 5th, the on-chain analytics company CryptoQuant warned that the exchange’s massive trading volume has increased again.

Data shows that whales are increasingly eager to sell

CryptoQuant, when highlighting its exchange’s whale ratio indicator, inferred that major Bitcoin investors are not taking risks in terms of short-term price movements.

The exchange-whale ratio measures the scale of the exchange’s maximum inflows and outflows relative to the total inflows and outflows.

Before falling to $41,900 on Saturday, the indicator soared above the peak of 0.95-as of Monday, it was back in the same area.

“Whales are still depositing BTC on exchanges. The whale rate on exchanges has again reached over 95%,” CryptoQuant commented.

“Taker Buy Sell Ratio remains negative, indicating a bearish sentiment in the futures market.”

As Cointelegraph Report, The open interest in the futures market dropped sharply over the weekend, but there is still a debate about whether the rush out is sufficient to avoid further declines in price movements.

Annotated chart of Bitcoin exchange whale ratio. Source: CryptoQuant

Cointelegraph writer Michaël van de Poppe “Most markets only expect a period of further decline” continue About the day Market sentiment.

“Just like three weeks ago, most people expected a parabolic run in December.”

Exchange recovers overall BTC losses

CryptoQuant continues to point out that foreign exchange reserves have returned to the existing long-term downward trend after a short spike before the decline.

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“As the estimated leverage ratio drops by -22%, the futures market begins to cool,” it added.

Annotated chart of foreign exchange inflows. Source: CryptoQuant

In the past few days, smaller investors have reversed Increase their positions — In sharp contrast with the price adjustments of whales and Bitcoin in early 2021.