Bitcoin (BTC) is still seeing a decline in supply despite a significant spike in whale sales on the exchanges this week.
As the on-chain monitoring resource CryptoQuant confirmed on Nov. 5, whales have been making up most of the selling pressure in recent days.
Whale coins find a new home
A well-known event, but with a curious moment: owners of large volumes “dump” BTC on the market, but at or near the all-time highs of April.
Despite the seemingly unanimous consensus among traders and analysts that the uptrend is far from over, the whales appear eager to part with their stocks.
“Most of the BTC exchange deposits come from whales”, called Ki Young Ju, CEO of CryptoQuant, as part of the November 5th comments.
“Top 10 TXs take up almost 90% of the total volume in one hour.”
A corresponding graphic of the stock exchange whale fee (the top ten stock exchange entries in relation to the total entries) showed a significant increase from mid-October.
Binance is reversing the declining trend in currency balances
There is a dichotomy, however: whales may sell, but overall the balance of BTC on the exchanges continues to decline.
Buyers’ appetite to satisfy the seller’s offer is increasing, and this explains the relative stability of BTC’s price movement during the week, argues Ki.
“Bitcoin maintains support of over 60,000 US dollars despite forest dumping … The reserves of the stock exchanges are shrinking, which leads to less supply on the stock exchanges, ”he added.
Other data from Coinglass shows that Binance is an exception to the Sept.. However, this is not uncommon in and of itself, as Cointelegraph reported last month.