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Bitcoin needs to clear $51K to reduce the chance of new sell-off from BTC whales
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Bitcoin (BTC) whales are the center of attention again this week as large transactions flow back to exchanges.
Data from on-chain analytics platform CryptoQuant on Dec. 24 shows that relatively, whales are increasing their presence as potential sellers.
According to CryptoQuant’s Exchange Whale Ratio indicator, the proportion of large inflows to exchanges out of total inflows is now at a one-year high.
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 Bitcoin’s current range.
“It is better to watch out until BTC breaks $51k levels,” one CryptoQuant analyst cautioned.
Despite misgivings, Bitcoin managed to preserve its
Read more on cointelegraph.comAbout this in other media
Bitcoin's rocky reign and the rise of memecoins: Why 2021 was crypto's wildest year yet euronews.com /2 years ago
Bitcoin rises above $51K as the dollar flexes muscles against the euro cointelegraph.com /2 years ago
The bigger picture:7 factors that influenced Bitcoin prices in 2021 and the road ahead economictimes.indiatimes.com /2 years ago
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