Blockchain data shows that Bitcoin whales are on sale as they account for almost 90% of transactions to exchanges, but BTC remains support above $60,000. Nearly 90% of transactions are whales relative to bitcoin-to-whale ratio.
As a CryptoQuant post points out, Bitcoin continued to hold its support above $60,000 despite blockchain data showing whales transferring cryptocurrencies. The correlation level indicator here is the “whale stock market rate”. This metric measures the ratio between the top ten listing transactions and the total Bitcoin volume moved to the exchanges.
This ratio reveals the relative size between whale transactions and total stock market transactions. If the value of the indicator is higher than 85%, it could be a sign that whales are starting to issue their cryptocurrencies.
As the charts show, the indicator has been on an uptrend recently, with whale transactions now accounting for around 90% of the trading volume. Such high values indicate that whale sales continue in the market. However, despite this trend, BTC still continues to find support above $60,000.
There is also the curve of another indicator on the charts. This is the ‘currency reserve’ metric that shows the total amount of BTC currently available in the wallets of all exchanges.
The trend for this indicator seems to be bearish during this period. This means that investors withdraw their cryptocurrencies from exchanges, thus reducing the selling supply. It could be this trend that caused a supply shock in the Bitcoin market, offsetting the whale drop and helping the coin stay above $60,000.
At the time of publication, Bitcoin price has been fluctuating around $61,500, up 1% over the past seven days. Last month, the coin gained 16%.
Bitcoin has slowed a bit over the past few weeks as the price of the coin mostly consolidates between $64,000 and $60,000. When the trend might break or the new direction of the coin is eagerly awaited, but for now, the market maintains its support despite the decline of the whales.
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