TL; DR breakdown
- Crypto exchanges are witnessing a huge influx of bitcoins.
- Whales make up 90% of bitcoin deposits.
- Bitcoin continues to decline in digital currency exchange reserves.
Crypto traders in the market over the past few months have seen huge profits from the exchange of multiple assets. One such asset that has grown exponentially in recent months is the king of cryptocurrencies, Bitcoin. Although digital assets have slowly established their momentum, traders continue to flock to cryptocurrencies for asset trading. According to new data, Bitcoin whales are transferring large amounts of bitcoins to digital currency exchanges as more traders continue to cash in their bitcoins.
Whales are responsible for 90% of bitcoin deposits in crypto exchanges
According to a benchmark by CryptoQuant, an analytics platform that deals with chain activity, more than 90 percent of the bitcoins deposited in cryptocurrencies are from Whales. In a change from the norm in various exchanges, crypto whales are now ready to sell their bitcoins in crypto exchanges.
The exchange whale ratio, a measure used to measure the enormous amount of the first ten deposits in a digital currency exchange, is spinning to the warning point. Crypto whales are currently depositing the highest amount ever recorded in crypto exchanges, according to CEO Yung Joo.
Crypto whales continue to sell bitcoins
These recent data are very different and provide analysts with a clue to the recent benchmarks that have continued in recent days. Recent reports claim that crypto whales are amassing their bitcoins, and leading digital assets have seen their wealth plummet in the past few days.
The benchmark was reaffirmed on Bitfinex as the exchange saw a broad offer level for crypto whales that rose from an initial $ 50,000 to $ 54,000. Kay also noted that stock levels are still low as some whales withdraw their bitcoins from digital currency exchanges.
In a recent China Blockchain data, the wallet with the third highest bitcoin helped spawn among whales by buying more assets last week. Prior to that, he had a stock of 207 bitcoins, and the wallet recently saw 1647, 700 and 484 bitcoins inbound.
The report also claims that most bitcoin holders who bought their assets last year still hold them. Bitcoin saw a small leap upwards, which can be understood by judging the activities around crypto whales. This has been the case with asset prices in recent weeks, in which it is going up and down by resistance.