Bitcoin News

Bitcoin Selling Pressure High as BTC Whales Deposit to Exchanges, According to CryptoQuant CEO

CryptoQuant CEO Ki Young Ju is highlighting a possible catalyst driving Bitcoin’s selling pressure as the leading cryptocurrency now trades below $30,000.

In a CryptoQuant quick take, the head of the on-chain analysis firm points to the exchange whale ratio, an on-chain indicator that tracks the activity of deep-pocketed investors by dividing the top 10 BTC transactions by the total amount of BTC sent to crypto exchanges.

 

According to Ki Young Ju, the ratio is hovering at a level indicating bearish price action.

“BTC selling pressure seems to be high. Whales are depositing BTC to exchanges. When this indicator consistently keeps above 85%, the market has usually been bearish.”

Source: CryptoQuant

According to the on-chain insights firm, US-based crypto exchange Coinbase is receiving the lion’s share of the BTC deposits.

“BTC net flow hits a five-month high

– All exchanges net flow hits a 5-month high, 28,700 BTC. 
– A majority of net flow was from Coinbase.”

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Source: CryptoQuant/Twitter

CryptoQuant adds that large BTC inflows to crypto exchanges began on July 16th, indicating that whales were gearing up to unload their Bitcoin holdings. The firm also takes a look at the reserves of BTC on all crypto exchanges, which according to them, just witnessed a major spike up.

“Bitcoin Reserve all Exchange exploded two days ago.”

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Source: CryptoQuant/Twitter

At time of writing, Bitcoin is trading at $29,621, down 6.33% in the last 24 hours, according to CoinMarketCap.



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