Bitcoin (BTC) whales may be planning a sale in the short term as BTC price action battles for $ 47,000.
In its daily market update, QuickTake, on December 5th, The on-chain analysis company CryptoQuant warned that the large-volume movements on the stock exchanges will pick up again.
Data suggests that whales are becoming increasingly eager to sell
Highlighting its Ratio Exchange Whale metric, CryptoQuant concluded that large Bitcoin investors take no chances when it comes to short-term price promotions.
The Exchange Whale Ratio measures the size of the largest entries and exits of exchanges in relation to the total entries and exits.
Before slipping to $ 41,900 on Saturday, the metric rose above the 0.95 high and has been back in the same range since Monday.
“Whales are still depositing BTC on exchanges. The Exchange Whale Ratio reached over 95% again, ”commented CryptoQuant.
“The taker buy sell ratio remains negative, suggesting that sentiment in the futures market is bearish.”
Open interest in futures markets fell dramatically late last week, as Cointelegraph reported, but a debate remains about whether the flush is enough to keep price action from further losses.
“The time when most markets only expect further slumps”, continuation the day Cointelegraph employee MichaÃl van de Poppe on the market sentiment.
“As three weeks ago, most expected a parabolic run in December.”
Exchanges recover total BTC losses
CryptoQuant also found that foreign exchange reserves had already returned to their long-term downtrend, having risen briefly just before the crash.
“The futures market began to cool when the estimated leverage ratio fell -22%,” he added.
In the past few days, however, smaller investors have left the country increase their positionswhich is in contrast to the Bitcoin price corrections made in early 2021.