Bitcoin exchanges see large deposits despite BTC reserves hitting 3-year lows

Bitcoin (BTC) whales are shifting massive quantities of cash to exchanges in tandem with massive outflows, curious new information reveals. 

In keeping with the alternate whale ratio indicator from on-chain analytics agency CryptoQuant, massive transactions have accounted for over 90% of latest alternate deposits.

High 10 deposits make up 90% of alternate inflows

In a marked change from earlier conduct, over the previous week, whales have turn into rather more energetic potential sellers on exchanges.

The alternate whale ratio, which measures how massive the highest 10 deposits to exchanges are relative to all deposits, is sounding the alarm.

“Whales are depositing BTC to exchanges,” CryptoQuant CEO Ki Younger Ju summarized

“$BTC Alternate Whale Ratio(72h MA) reached 91%. This means the highest 10 deposits take 91% of the deposit quantity throughout all exchanges within the hourly timeframe.”

BTC/USD with alternate whale ratio annotated chart. Supply: Ki Younger Ju/Twitter

The info presents an fascinating counterpoint to the present narrative involving whales.

As Cointelegraph reported, massive wallets have been shopping for all through the latest downturn, whereas on Tuesday, bid ranges amongst whales elevated on alternate Bitfinex from $50,000 to round $54,000.

As responses to Ki moreover famous, outflows from exchanges en masse additionally proceed, with reserves nonetheless at their lowest since mid-2018.

Bitcoin alternate reserves chart as of Nov. 22. Supply: CryptoQuant

BTC value spikes maintain coming (and going)

Bitcoin noticed risky spikes Tuesday in what would correlate with sudden large-volume actions on exchanges.

Associated: Complete crypto market cap drops by 6.7%, however futures information finds a silver lining

The phenomenon has performed out a number of instances over the previous week, every time seeing a sudden burst in BTC value motion that then dissipates at main resistance ranges.

BTC/USD 30-minute candle chart (Bitstamp). Supply: TradingView

For analysts, $60,000 nonetheless must return and maintain as assist as soon as extra in an effort to set off a real change within the present downtrend.