Bitcoin (BTC) continues to be under pressure from the supply side despite rising whale sales on exchanges this week.
As confirmed on November 5 by chain monitoring resource CryptoQuant, whales have accounted for the vast majority of selling pressure in recent days.
Whale coins find a new home
A well-known event, but an interesting time – holders of large volumes of bitcoins “dump” bitcoins into the market, but at the peak in or around April.
Despite the obvious consensus among traders and analysts that this trend is not over yet, the whales seem to be eager to take their assets.
“Most of the BTC deposits come from whales,” said Key Young Joo, CEO of CryptoQuant, in a comment on November 5.
“The top 10 text messages take up almost 90% of the total volume in one hour.”
The attached graph of the relationship between whale exchanges – 10 major streams to exchanges versus total inflow – showed a clear increase from mid-October onwards.
Whale swap ratio versus foreign exchange reserves versus BTC / USD chart. Source: Ki Young Joo / Twitter
Once again, Binance Coin is back to reduce the trend in the currency balance.
However, there is a split – whales can sell, but overall, the BTC balance continues to shrink on exchanges.
On the subject: Bitcoin just needs to break $ 64k to hit record highs – Analyst
Key claims that buyers’ appetites are increasing to satisfy sellers, which explains the relative stability of BTC’s price movement over the course of the week.
“Bitcoin received over $ 60,000 in support despite the whales sinking … Inventories are dwindling, resulting in lower supply on the stock exchanges,” he added.
Separate data from computer company Coinglass shows Binance is an exception to the November 5 trend, where reserves are up 2,141 BTC in 24 hours at the time of writing. This in itself is not surprising, Cointelegraph reported last month.