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Whale Sightings Become Scarce, Removing Downward Pressure on Bitcoin: Analyst
Big bitcoin balance holders, or "whales," are moving less crypto onto exchanges, signaling some reduction of sell-side pressure, according to CryptoQuant.
A lack of whales with bitcoin (BTC) aplenty to sell may be clearing the way for the price of the leading cryptocurrency to rise further, according to CryptoQuant Chief Executive Ki Young Ju.
STORY CONTINUES BELOW
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- Fewer "whales" – bitcoin holders possessing large balances – are depositing bitcoin (BTC) onto exchanges the past few days, according to CryptoQuant, a crypto market data aggregator.
- CryptoQuant's "Exchange Whale Ratio," which is calculated by dividing top 10 bitcoin inflow transactions in an hour by total BTC exchange inflows, has dropped below 85%.
- From Dec. 8-22, the ratio stayed above 85% as whales were likely profit-taking during the bull run, which reached a price zenith of $28,352 Sunday according to CoinDesk 20 data.
- Some market exhaustion is expected, according to Young Ju, but he expects institutions to pick up some of the slack.
- "I think this bull run will continue as institutional investors keep buying and Exchange Whale Ratio keeps below 85%," Young Ju noted on Twitter.
Daniel Cawrey
Daniel Cawrey has been a contributor to CoinDesk since 2013. He has written two books on the crypto space, including 2020’s “Mastering Blockchain” from O'Reilly Media. His new book, “Understanding Crypto,” arrives in 2023.
