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Bitcoin Whales

Bitcoin Bearish Signal: Exchange Whale Ratio Spikes

Keshav Verma
by Keshav Verma
2 years ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On-chain data shows that the Bitcoin exchange whale ratio has been at very high values during the past few days, a sign that may be bearish for BTC.

Bitcoin Exchange Whale Ratio Has Been At Elevated Levels Recently

As pointed out by an analyst in a CryptoQuant post, whales have been applying a high amount of selling pressure in recent days. The indicator of relevance here is the “exchange whale ratio,” which measures the ratio between the sum of the top 10 Bitcoin transactions going to exchanges, and the total exchange inflow.

The 10 largest transactions going to exchanges are generally coming from the whales, so the exchange whale ratio can tell us about how these transfers currently compare with the deposits being made by the entire market (the total exchange inflow).

When the value of this metric is high, it means that the whales are making up a large part of the total deposits right now. As one of the main reasons why investors transfer to these platforms is for selling purposes, this kind of trend can suggest that whales are participating in a high degree of selling right now.

On the other hand, low values of the ratio imply the whales are only contributing a relatively healthy portion to the inflows at the moment. Since these humongous investors aren’t applying significant selling pressure in this case, Bitcoin could benefit from a bullish boost to its price.

Now, here is a chart that shows the trend in the 72-hour moving average (MA) Bitcoin exchange whale ratio over the last few months:

Bitcoin Exchange Whale Ratio

Looks like the 72-hour MA value of the metric has been quite high in recent days | Source: CryptoQuant

In the above graph, the quant has marked two important levels for the 72-hour MA Bitcoin exchange whale ratio: 0.85 and 0.90. At these marks, the whales are responsible for 85% and 90% of the total exchange inflows, respectively, in the BTC market.

Historically, during bullish trends, the indicator has remained below the 0.85 mark. While in bearish periods or false bull rallies, the metric has generally surged above 0.85, indicating elevated selling pressure from these humongous holders.

Related Reading: Bitcoin Hashrate Stops Growing, Miners Hesitant About Market?

As highlighted in the chart, the 72-hour MA Bitcoin exchange whale ratio has registered an increase recently and has crossed inside the territory above the 0.85 level.

In this surge, the metric even briefly crossed above the 0.90 level, which implies that the whales were potentially participating in an extraordinary degree of selling then.

Since then, the indicator has since cooled down a bit, but it’s still very much near the 0.90 level. Naturally, this current elevated selling pressure could be bearish for the asset’s price.

Related Reading: Bitcoin Spot ETF: NYDIG Research Predicts $30 Billion Of Demand

If a move upward has to happen, the metric would need to plunge below the 0.85 level, like it did last month, and paved the way for the rally above the $30,000 level (as the graph displays).

“This metric is one to watch, it might just provide the clues we need to navigate the market’s murky waters,” notes the analyst. “Keep an eye on the whales—they may just tip the scales!”

BTC Price

At the time of writing, Bitcoin is trading around $30,300. down 1% in the last week.

Bitcoin Price Chart

BTC has seen a rebound in the past day | Source: BTCUSD on TradingView
Featured image from Thomas Kelley on Unsplash.com, charts from TradingView.com, CryptoQuant.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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