Whales increase bitcoin transfers on exchanges as BTC price hits a new record in Turkey
Bitcoin disappointed investors with its recent price correction, but Bitcoin holders have never been so comforted in any country.
Market data from TradingView on November 23 confirms that Bitcoin has hit a new ATH against the Turkish Lira.
Bitcoin exceeds 700,000 lira
Turkey is grappling with a currency crisis while President Recep Tayyip Erdogan is pushing to keep interest rates low.
As a result, the lira’s exchange rate plummeted, with USD / TRY rising 14% on Tuesday alone, topping 13 for the first time.
USD / TRY 1-Day Candlestick Chart | Source: TradingView
As Turks’ purchasing power declines over time, BTC holders can see the benefits of money with a limited supply more clearly than ever.
BTC / TRY hit 723,329 Libra on Tuesday – the latest in a nearly uninterrupted series of ATHs.
BTC / TRY 1-Day Candlestick Chart | Source: TradingView
“Bitcoin is hope for Turkey. The Libra has lost a third of its value since March and has fallen for nine years in a row. The move from TRY to USD will only slow the crash, while the adoption of BTC will completely fix the damage and revitalize the economy, “said MicroStrategy CEO Michael Saylor last week.
According to the data, BtcTurk, one of the few exchanges in the country, has processed around 1,000 BTC ($ 56.7 million) in volume on the BTC / TRY pair in the past 24 hours.
“Central banks only market Bitcoin for free,” commented analyst Lex Moskovski as other events unfolded.
Under Erdogan, who declared a “war” on cryptocurrencies in September, the stock market industry had tough times behind it.
The Thodex platform was at the center of a scandal earlier this year after it was shut down and CEO Faruk Fatih Ozer ran away with $ 2 billion at the time.
Despite the breakdown and the imprisonment of at least 6 employees, Ozer is still there with huge sums of money.
Whales are increasing the BTC transfer to the exchange
According to new data, Bitcoin whales are moving large amounts of coins on exchanges in parallel with large outflows.
According to the exchange rate to whale ratio indicator from on-chain analytics firm CryptoQuant, large transactions account for more than 90% of recent forex deposits.
In a marked change from previous behavior, whales have become much more active potential sellers on the exchanges over the past week.
The whale’s exchange rate measures the size of the top 10 deposits on exchanges relative to all deposits. This indicator will ring the alarm bells.
“Whales send BTC to exchanges. The share of BTC whales on the exchange (72 hours MA) reached 91%. This shows that the top 10 deposits across all exchanges make up 91% of the deposit volume in an hourly time frame, ”summarized CryptoQuant CEO Ki Young Ju.
BTC / USD and Whale ratio Above Exchange | The source: Ki Young Ju
The data suggests an interesting counterpoint to the current whale narrative.
Large wallets shopped during the recent downturn, while whale bids on the Bitfinex exchange rose from $ 50,000 to around $ 54,000 on Tuesday.
Under Ki’s tweet, others responded that the large outflow from the stock market is continuing and that the reserves are at their lowest level since mid-2018.
Bitcoin reserve Above Exchange on 11/22 | Source: CryptoQuant
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According to AZCoin News