Bitcoin exchanges see large deposits despite BTC reserves hitting 3-year lows

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Bitcoin (BTC) whales are shifting massive quantities of cash to exchanges in tandem with massive outflows, curious new information exhibits. 

In accordance with the change whale ratio indicator from on-chain analytics agency CryptoQuant, massive transactions have accounted for over 90% of latest change deposits.

High 10 deposits make up 90% of change inflows

In a marked change from earlier conduct, over the previous week, whales have change into far more lively potential sellers on exchanges.

The change whale ratio, which measures how massive the highest 10 deposits to exchanges are relative to all deposits, is sounding the alarm.

“Whales are depositing BTC to exchanges,” CryptoQuant CEO Ki Younger Ju summarized

“$BTC Change Whale Ratio(72h MA) reached 91%. This means the highest 10 deposits take 91% of the deposit quantity throughout all exchanges within the hourly timeframe.”

BTC/USD with change whale ratio annotated chart. Supply: Ki Younger Ju/Twitter

The info presents an attention-grabbing counterpoint to the present narrative involving whales.

As Cointelegraph reported, massive wallets have been shopping for all through the latest downturn, whereas on Tuesday, bid ranges amongst whales increased on change Bitfinex from $50,000 to round $54,000.

As responses to Ki moreover famous, outflows from exchanges en masse additionally proceed, with reserves nonetheless at their lowest since mid-2018.

Bitcoin change reserves chart as of Nov. 22. Supply: CryptoQuant

BTC worth spikes maintain coming (and going)

Bitcoin noticed unstable spikes Tuesday in what would correlate with sudden large-volume actions on exchanges.

Associated: Total crypto market cap drops by 6.7%, but futures data finds a silver lining

The phenomenon has performed out several times over the previous week, every time seeing a sudden burst in BTC worth motion that then dissipates at main resistance ranges.

BTC/USD 30-minute candle chart (Bitstamp). Supply: TradingView

For analysts, $60,000 nonetheless must return and hold as assist as soon as extra with a purpose to set off a real change within the present downtrend.