Bitcoin (BTC) whales are the center of attention again this week as large transactions flow back to exchanges.<\/p>\n
Data from on-chain analytics platform CryptoQuant on Dec. 24 shows that relatively, whales are increasing their presence as potential sellers.<\/p>\n
According to CryptoQuants Exchange Whale Ratio indicator, the proportion of large inflows to exchanges out of total inflows is now at a one-year high.<\/p>\n
Inflows sped up significantly as BTC\/USD rose to $51,000 overnight on Thursday, and the implication could be that large-volume investors plan to take profits at the top end of Bitcoins current range.<\/p>\n
It is better to watch out until BTC breaks $51k levels, one CryptoQuant analyst cautioned. <\/p>\n
Despite misgivings, Bitcoin managed to preserve its higher levels into Friday, these previously forming a key line in the sand for bullish sentiment to return.<\/p>\n
Whales, meanwhile, are not new potential sellers. As Cointelegraph reported earlier in the month, larger investors have diverged from smaller retail hodlers in terms of buying behavior.<\/p>\n
CryptoQuant and others confirm that this is still the case, with exchange withdrawals conversely reflecting peak accumulation similar to September before the breakout to $69,000 all-time highs.<\/p>\n
Related:Missed out on hot crypto stocks in 2021? It paid just to buy Bitcoin and Ethereum, data shows<\/p>\n
Miners, too, are holding onto their newly released coins from block subsidies, with their reserves now at six-month highs.<\/p>\n
Miners own more BTC than when BTC was at $69k, in fact, they added back all the BTC they net distributed since the drop from $69k, contributor Venturefounder noted.<\/p>\n
<\/p>\n