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

Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments

Nov 18th, Panama - Gate.io, a global leader in digital asset trading, has officially unveiled…

14 minutes ago

Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts

The Bitdeer convertible notes offer a 42.5% conversion premium, allowing conversion into cash with the…

42 minutes ago

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

1 hour ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

3 hours ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

4 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

4 hours ago

This website uses cookies.