• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

Bitcoin May Face Some Short-Term Selling Pressure as Coinbase Whales Deposit

Nick Chong by Nick Chong
2 years ago
in Bitcoin Price
0
Advertisement
  • Bitcoin has undergone some shaky price action after a push to $19,000 this past week.
  • Ki Young Ju, CEO of Crypto Quant, recently said that the coin could face a correction in the days and weeks ahead.
  • The percentage of whale deposits relative to retail deposits into Coinbase addresses has increased, he noted.

Bitcoin Could See Price Drop As Whale Deposit Ratio Spikes

Bitcoin has undergone some shaky price action after a push to $19,000 this past week. The coin currently trades for $18,200, $800 below the local highs (and year-to-date highs) and around $700 above the local lows near $17,500.

Analysts are fearful the cryptocurrency could retrace as on-chain trends suggest that there is some selling taking place.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Ki Young Ju, the CEO of crypto data platform Crypto Quant, recently noted that the cryptocurrency could face a correction amid an increase in whale deposits to exchanges. He noted that per his data, the percentage of whale deposits into Coinbase addresses has increased, suggesting there are big holders looking to sell:

“Too many $BTC whales on #Coinbase. I’m still long-term bullish, but we might face some corrections or sideways until whales become inactive on spot exchanges. *Exchange Whale Ratio is the relative size of the top 10 inflows to total inflows. Historical data for #Coinbase Whale Ratio. When whales are active(over 90%) on Coinbase, the $BTC price will likely be going sideways or bearish.”

Too many $BTC whales on #Coinbase.

I'm still long-term bullish, but we might face some corrections or sideways until whales become inactive on spot exchanges.

*Exchange Whale Ratio is the relative size of the top 10 inflows to total inflows.

ChartšŸ‘‰ https://t.co/5X4qPIV4HV pic.twitter.com/qDMqRk3RyH

— Ki Young Ju 주기영 (@ki_young_ju) November 22, 2020

According to Willy Woo, another on-chain analyst who picked up on this trend, this selling may not be a big concern. Commenting on how sales by old/large Bitcoin holders might not be bearish per se, he recently wrote:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
“It used to be that peaks in destruction or dormancy would be a bad sign for the market as old Bitcoins have more experienced masters, thus smarter money; this would predict a price drop. These days not always, OG whales also sell bottoms. Smarter money has arrived. Post this now as while there’s so much FOMO and strong fundamentals being blasted out, there’s also signs of the market being overheated locally. I’d be very surprised if we break all-time-high on the first try without a rejection, or consolidation, before a second run at it.”Ā 

Not the Only Cause for Concern

This isn’t the only cause for concern for Bitcoin bulls.

The funding rates of top Bitcoin futures markets are currently in the midst of spiking higher despite Bitcoin actually falling. This suggests that there are many derivatives traders that are looking to long the dip.

Analysts are fearful that this could result in a correction for this market. The issue is that overleveraged longs can easily sell their positions in tandems, leading to rapid corrections lower often when the funding rate is high.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin May Face Some Short-Term Selling Pressure as Coinbase Whales Deposit
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin

Bitcoin Drops To $26K As Crypto Sell-Off Continues – Will The Slide Approach $25K?

2 months ago
Bitcoin price

Bitcoin Price Nosedives As Russian Missiles Strike Ukraine’s Cities

4 months ago
Crypto mining

Former Soviet Republic Is Primed For Crypto Mining, Despite Its Burgeoning Power Deficit

4 months ago
European Markets Regulator Urges The EU To Ban Proof-of-Work Bitcoin Mining

European Markets Regulator Urges The EU To Ban Proof-of-Work Bitcoin Mining

6 months ago
Bitcoin mining stocks, a coal mine

Bitcoin Mining Stocks Beat BTC Two-To-One in 2021 ROI

7 months ago
Price, The Bitcoinist Book Club logo

Bitcoinist Book Club: ā€œThe Bitcoin Standardā€ (Chapter 6, Part 1: Price)

11 months ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
Ā© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

Ā© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.