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On-chain data shows a recent spike in Bitcoin exchange inflows from whales holding between 1,000 and 10,000 BTC.
As pointed out by CryptoQuant Position1k to 10k BTC BTC whales seem to have recently sent large stacks to exchanges.
“currency inflow is a metric that measures the total amount of Bitcoin transferred to wallets on all centralized exchanges (both spot and derivatives).
A spike in the value of this metric means that a large number of coins are currently being deposited on exchanges. Investors typically send money to these exchanges for the purpose of selling, so depending on how many of these are being moved to spot exchanges, such trends could be bearish for BTC’s price.
On the other hand, the low value of the indicator indicates that there is little selling in the market at the moment. Therefore, this kind of trend can be neutral or bullish for the coin’s value.
Here is a chart showing the trend of Bitcoin inflows to all exchanges over the past few days.
The value of the metric seems to have spiked up recently | Source: CryptoQuant
As you can see from the graph above, the inflow of Bitcoin to all exchanges has recorded significant values over the past few days. The latest spike came shortly after BTC price crossed his $24,000 mark.
The chart actually shows a modified version of an indicator called ‘Forex Inflows – Expenditure Bands’, which shows the contribution to the total inflows from each of the different size holders in the market.
Investors holding between 1,000 and 10,000 BTC appear to have made the move to the larger exchanges in the last two days. Holders belonging to this group are whaleso current trends may suggest that whales may be planning to dump right now.
However, as mentioned above, this indicator takes into account inflows from both spot and derivatives exchanges. Most of the recent inflows have flowed to derivatives exchanges, meaning the whale may have been hedging against his spot positions.
Nonetheless, market selling from these whales may still be continuing, as a significant portion of the total inflow went to spot exchanges.
At the time of writing, Bitcoin price It’s up 2% over the past week, fluctuating around $23.8k.
Looks like the value of the crypto has come down during the past day | Source: BTCUSD on TradingView
Featured image from Thomas Bonometti on Unsplash.com, charts from TradingView.com, CryptoQuant.com
