Bitcoin (BTC) is still experiencing a supply shortage despite a sharp spike in whale sales on the exchanges this week.

As the on-chain monitoring resource CryptoQuant confirmed on Nov. 5, whales have been taking on most of the selling pressure in the past few days.

Münzwal is looking for a new home

A familiar but curious moment – high volume holders “dump” BTC into the market, but at or near April’s all-time high.

Despite the seemingly unanimous consensus among traders and analysts that the bull cycle is far from over, whales appear to be eager to part with their stocks.

“Most of the BTC exchange deposits come from whales,” said Ki Young Ju, CEO of CryptoQuant, speak as part of Friday’s comment.

“The Top 10 TX make up almost 90% of the total volume for one hour.”

The adjacent graphic of the whale ratio – the top ten inflows to the stock exchanges compared to the total inflows – shows a significant increase from mid-October.

Binance again deserves a downward trend in the exchange rate

There is a dichotomy, however – whales can sell, but overall, BTC balances on the exchanges continue to decline.

Related: Bitcoin Breaking Through $ 64,000 Right Now To Hit New All-Time High – Analyst

There is a growing appetite among buyers to satisfy sellers’ offerings, and this explains the relative stability of BTC price action over the week, argued Ki.

“Bitcoin is holding support above $ 60,000 even though whales are being dumped … Foreign exchange reserves are diminishing, resulting in lower supply on the exchanges,” he added.

Separate figures from data firm Coinglass show that Binance was an exception to the trend on Friday, with its reserves spiked 2,141 BTC in the 24 hours to press time. However, this is not uncommon, as Cointelegraph reported last month.

 

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