Bitcoin Holds Above $60,000 Despite Whales Selling Heavily: Report
Ki Young Ju, chief executive of CryptoQuant, has tweeted that the largest Bitcoin deposits to exchanges at the moment are being made by crypto whales who are sending BTC to sell.
Whales moving a lot of BTC to exchanges to sell
He has tweeted that the majority of incoming transactions to crypto exchanges are being made by large Bitcoin holders, aka whales. The top 10 deposit transfers have brought 90% of the overall volume in one hour.
However, Bitcoin manages to hold above the $60,000 level.
#Bitcoin holds support above $60k in spite of whale dumping.📉 Most $BTC exchange deposits are coming from whales. Top 10 TXs take almost 90% of the total volume in an hour.📈 Exchange reserve is decreasing, leading to less supply on exchanges.https://t.co/XSEdjzHnQy pic.twitter.com/UtJpGzp0UK— Ki Young Ju 주기영 (@ki_young_ju) November 5, 2021
Meanwhile, Bitcoin is not remaining for a long time on exchanges; it is being withdrawn by investors to cold wallets for long-term storage. And by now, it has reached a three-year low of 2,449,773.473 BTC.
That is approximately 13% of the whole Bitcoin supply that is currently in circulation.
📉 #Bitcoin $BTC Balance on Exchanges just reached a 3-year low of 2,449,773.473 BTCView metric:https://t.co/9vOOAmwh32 pic.twitter.com/oGDsec8kkD— glassnode alerts (@glassnodealerts) November 5, 2021