Bitcoin exchanges receive large deposits amid reserves at 3-year lows

Bitcoin whales are taking the most advantage of the current market correction by moving large quantities of coins to exchanges in tandem with large outflows, new data shows. 

As per the exchange whale ratio indicator from on-chain analytics company CryptoQuant, large transactions have accounted for more than 90% of the recent crypto exchange deposits. 

Top ten deposits control 91% of exchange inflows

Whales, changing their previous behavior, have become hyperactive prospective sellers on the crypto exchanges in the past week. The measurement of the top ten deposits to exchanges relative to all the deposits, named exchange whale ratio, gives a red signal. CryptoQuant CEO Ki Young Ju summarized the result that the Bitcoin whales are depositing BTC to exchanges. 

He added:

“$BTC Exchange Whale Ratio(72h MA) reached 91%. This indicates the top 10 deposits take 91% of the deposit volume across all exchanges in the hourly time frame.”

Source: Twitter/Ki Young Ju

He explained that the Exchange whale ratio (72 MA) has recently reached 91%, which indicates that the top 10 Bitcoin deposits take around 91% of the volume on all the crypto exchanges in an hourly timeframe.

As TheCoinRise reported, large Bitcoin wallets are continuously buying crypto during this downturn, with a recent evident shopping of 207 more Bitcoins by the third-largest whale. 

BTC price spikes keep coming (and going)

Bitcoin witnessed volatile peaks on November 23, which could be correlated with the sudden massive volume actions on different exchange platforms.

The scenario is not new, as Bitcoin whales has been played out multiple times over the past few days with a sudden change in the price action of the king coin each time. 

The investors are eyeing Bitcoin to touch and stay above the $60,000 zone to get strong support, while one could see a reversal scenario at $65,000, which is a critical resistance zone. The whales’ control over the market, which makes crypto even more volatile, has always been a matter of concern.