Bitcoin Breaks $24k As Exchange Whale Ratio Declines

On-chain data shows the Bitcoin exchange whale ratio has declined recently as the crypto surges above the $24k mark.

Bitcoin Exchange Whale Ratio (EMA 7) Is Currently Below 0.50

As per a post from CryptoQuant, the BTC exchange whale ratio has gone down recently while the price has surged up.

The “exchange whale ratio” is an indicator that measures the ratio between the sum of the top 10 Bitcoin transactions to exchanges and the total exchange inflows.

exchange whale ratio = sum of top 10 inflow txs (in BTC) ÷ total exchange inflows (in BTC)

Here, the ten largest transfers are considered as they generally belong to the whales. Thus, when the value of the ratio is high, it means whales are making up for a large part of the total inflows right now.

Since investors usually send their BTC to exchanges for selling purposes, this trend can be a sign that whales are dumping at the moment. and hence can be bearish for the crypto’s price.

On the other hand, low values of the metric can suggest whales are currently occupying a normal amount of the total inflows. Such a trend could be either neutral or bullish for the coin’s value.

Now, here is a chart that shows the trend in the 7-day exponential moving-average Bitcoin exchange whale ratio over the past month:

The EMA-7 value of the metric looks to have been down in recent days | Source: CryptoQuant

As you can see in the above graph, the Bitcoin exchange whale ratio (EMA-7) has been below a value of 0.50 for seven out of the last eight days.

The 0.50 mark is the dumping threshold for the EMA-7 version of the metric and as the indicator has been below this value recently, the selling pressure from whales has been low.

While the ratio has gone down, BTC’s price has enjoyed some upwards momentum as the coin surged up above the $24k mark earlier today.

BTC Price

At the time of writing, Bitcoin’s price floats around $23.5k, down 1% in the last seven days. Over the past month, the crypto has gained 15% in value.

The below chart shows the trend in the price of the coin over the last five days.

Looks like the value of the crypto has observed some upwards movement during the last couple of days | Source: BTCUSD on TradingView

Around ten days ago Bitcoin had recovered above $23k, but only a few days later the crypto’s price again started to go downhill. However, in the last couple of days, the coin enjoyed some sharp upwards momentum as it retook $23k.

Earlier today, BTC even broke above $24k, though it wasn’t long before the crypto saw a slump and came down to the current level.

Featured image from Karl-Heinz Müller on Unsplash.com, charts from TradingView.com, CryptoQuant.com

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn

Follow Us

Most Popular

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.
On Key

Related Posts

Bitcoin Poised For Recovery, Relief Summer still In Play?

Bitcoin has been able to make a resurgence in recent weeks. The 25,000 USD barrier was recaptured by Bitcoin prices just two days ago, marking the first time since June 13th. Bitcoin Poised For New Rally In June, Bitcoin had its largest monthly decline since 2011, falling over 37.3% to a final value of $19,925.

Expert Reveals How “Fake Supply” Is Killing Your Bitcoin Gains

Caitlin Long, the founder and CEO of Custodia Bank, reveals that the BTC price should have hit somewhere close to six figures in the previous cycle. In an interview with Robert Breedlove’s “What Is Money” podcast, Long reveals that “paper bitcoin” has created a fake supply of BTC. The 21 Million Trap Bitcoin’s limited supply

Selling Bitcoin In Fear Of Mt. Gox dump? Here’s What Expert Suggests

Mt. Gox, a Japan based cryptocurrency exchange lost around 850,000 Bitcoins in an alleged hack back in 2014. It has been reported that the creditors will begin to receive some of the stolen assets. However, this event has raised vital concerns regarding the price stability of Bitcoin. Creditor to choose Bitcoin’s fate? As per reports,

Soneva’s Luxury Resorts Now Accept Crypto Payments

Luxury resort chain Soneva has reportedly begun accepting cryptocurrency payments at its resorts in the Maldives and Thailand. “Accepting cryptocurrencies as a payment method is another example of enabling our international guests to easily make payments from anywhere in the world.” Soneva Accepts Cryptocurrency Payments Luxury resort chain Soneva has reportedly begun accepting payments in