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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Meanwhile, Bitcoin is not remaining for a long time on exchanges; it is being withdrawn by investors to cold wallets for long-term storage.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.
Related
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 BTC
View metric:https://t.co/9vOOAmwh32 pic.twitter.com/oGDsec8kkD
— glassnode alerts (@glassnodealerts) November 5, 2021
Disclaimer: The opinions expressed by our writers are their
own and do not represent the views of U.Today. The financial and market information
provided on U.Today is intended for informational purposes only. U.Today is not
liable for any financial losses incurred while trading cryptocurrencies. Conduct
your own research by contacting financial experts before making any investment
decisions. We believe that all content is accurate as of the date of publication,
but certain offers mentioned may no longer be available.
