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Bitcoin Selling Pressure High as BTC Whales Deposit to Exchanges, According to CryptoQuant CEO

CryptoQuant CEO Ki Young Ju is highlighting a doable catalyst driving Bitcoin’s promoting strain as the main cryptocurrency now trades under $30,000.

In a CryptoQuant fast take, the top of the on-chain evaluation agency factors to the change whale ratio, an on-chain indicator that tracks the exercise of deep-pocketed traders by dividing the highest 10 BTC transactions by the overall quantity of BTC despatched to crypto exchanges.

According to Ki Young Ju, the ratio is hovering at a stage indicating bearish worth motion.

“BTC promoting strain appears to be excessive. Whales are depositing BTC to exchanges. When this indicator constantly retains above 85%, the market has often been bearish.”

Source: CryptoQuant

According to the on-chain insights agency, US-based crypto change Coinbase is receiving the lion’s share of the BTC deposits.

“BTC web stream hits a five-month excessive

– All exchanges web stream hits a 5-month excessive, 28,700 BTC. 
– A majority of web stream was from Coinbase.”

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Source: CryptoQuant/Twitter

CryptoQuant provides that giant BTC inflows to crypto exchanges started on July sixteenth, indicating that whales have been gearing up to unload their Bitcoin holdings. The agency additionally takes a take a look at the reserves of BTC on all crypto exchanges, which in accordance to them, simply witnessed a serious spike up.

“Bitcoin Reserve all Exchange exploded two days in the past.”

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Source: CryptoQuant/Twitter

At time of writing, Bitcoin is buying and selling at $29,621, down 6.33% within the final 24 hours, according to CoinMarketCap.

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Featured Image: Shutterstock/Tithi Luadthong

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