The movements of the wholesalers show that a further decline in the Bitcoin price is still possible.

Bitcoin (BTC) whales may plan to sell anytime soon as BTC price movement battles for $ 47,000.

In its daily QuickTake market update from December 5th, the online chain analysis company CryptoQuant warned that the high volatility on the exchanges would increase again.

Data shows that whales increasingly want to sell

Highlighting its exchange rate to whale ratio indicator, CryptoQuant concluded that large Bitcoin investors had no chance when it came to short-term price movements.

The whale rate currency ratio measures the size of the largest inflows and outflows of exchanges in relation to the sum of the inflows and outflows.

Before the index fell to $ 41,900 on Saturday, the index rose above a high of 0.95 – and has been back in the same range since Monday.

“Whales are still sending BTC to exchanges. The exchange rate of the whales is more than 95%, ”commented CryptoQuant.

“The taker ratio remains negative, which points to a downward trend on the futures market.”

As Cointelegraph reported, open interest in the futures market fell significantly late last week, but there is still a debate over whether the release will be enough to keep the price action from further losses.

“A time when most of the market is only expecting the next decline,” said Cointelegraph employee Michaël van de Poppe continue Intraday to market sentiment.

“As three weeks ago, most expect a parabolic run in December.”

Exchanges continue to lose Bitcoin overall

Moving on, CryptoQuant found that after a brief rise just before the decline, the currency reserves have returned to their current long-term downtrend.

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“The futures market began to cool as leverage was estimated to have decreased by -22%,” he added.

In the past few days, smaller investors have add to their positions – a contrast to the whale and bitcoin price corrections from earlier in 2021.