Whales Dominate on Exchanges After Bitcoin Hits $51K – CryptoQuant
As Bitcoin’s price activity improves on exchanges, more and more high-volume transactions are observed.
According to CryptoQuant data from December 24, whales are increasing their presence on exchanges as potential sellers.
The Exchange Whale Ratio indicator indicates that the current large Bitcoin offerings on exchanges have peaked over the past year.
Inflows accelerated significantly after the BTC/USD rate surpassed the $51,000 level on Thursday night. Perhaps large investors have decided to take profits.
Despite the fears of many analysts and traders, Bitcoin was able to hold out at high levels until Friday. Previously, these levels formed a key factor for the return of bullish sentiment.
According to Lex Moskovski, large investors still keep their savings, in the same way that miners are in no hurry to sell recently mined coins. Miners’ reserves have reached their maximum level over the past six months.
Miners currently hold a lot more BTC than when Bitcoin was worth $69,000, according to Venturefounder.