Above-chain data shows that the whale rate for Bitcoin (BTC) has exceeded 0.50; This is a sign that historically whales have dumped (sell) in the short term, according to analystsdollarser. So what will happen now? Here are the details…

Bitcoin whales start selling their BTC

As a CryptoQuant post pointed out, the Bitcoin whale rate started to climb above the 0.50 level. This signal usually means a bearish bias for crypto in the short term. The whale rate on BTC and exchanges is an indicator that gives an estimate of how many whales are sending their crypto to exchanges.

Measurement does this by taking the sum of the top 10 trades on each exchange and dividing that by the total listings on all exchanges. So, the formula is: Stock Whale Ratio = Sum of Up to 10 Exchange Entries TX (BTC) ÷ Total Exchange Entries in BTC​

“Login” is another indicator, it gives the total amount of Bitcoin entering exchange wallets from personal wallets. When the whale rate rises, it means that the top 10 transactions to exchanges take up a larger portion of the total BTC entering those exchanges. According to experts, this means more whales are starting to send their cryptocurrencies to exchanges to exchange for fiat or stablecoins or buy altcoins.

Can BTC go down?

On the other hand, when the value drops, it means that the majority of the entries to the exchanges are general small transactions and Bitcoin whales are not moving their money at the moment. Check out the chart below, which shows the trend in benchmark value over the past year:

Bitcoin whale rate has started to climb once again. Source: CryptoQuant

As the chart above shows, the whale rate has risen many times over the past year, and whenever it does, the coin price also drops shortly thereafter. It seems that the whale rate started to rise once again as its value exceeded 0.50. According to Hououin Kyouma, a crypto commentator, this could indicate that BTC could move down, at least in the short term. BTC is trading at $42,462, up 1.5 percent at the time of writing.

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Michael Lewis


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