Categories: Bitcoin

Bitcoin whale sales are rising while BTC price holds $ 60,000 and buyers catch up on supply

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.

Exchange rate whale ratio to foreign exchange reserves versus BTC / USD chart. Source: Ki Young Ju / Twitter

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.

 

Bitcoin exchange balance sheet chart. Source: Coinglass
Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Bybit Proof Of Reserve Shows Changes In BTC, ETH, And USDT

Bybit Proof of Reserve reveals BTC holdings at 50,412 (-8.55%), ETH at 525,641 (+8.11%), and…

7 minutes ago

Bitcoin Spot ETF Inflows Reach $449M With BlackRock Leading

Key Points: Bitcoin Spot ETF Inflows totaled $449M, led by BlackRock’s $1.45B contribution. Ethereum Spot…

56 minutes ago

Best New Meme Coins to Join for 2025: BTFD Coin Leads, Popcat Keeps It Purr-fect, and Non-Playable Coin Hits Gamers Hard

Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…

2 hours ago

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

3 hours ago

Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049

VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…

3 hours ago

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

3 hours ago

This website uses cookies.