Bitcoin whales jumping ship as exchange inflows reach 3-month high

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  • The number of Bitcoin whales is rapidly decreasing to levels not seen since earlier this year, possibly due to the three-month high of coin inflows to centralized exchanges (CEXs).
  • Bitcoin (BTC) market tracker Glassnode has issued several bearish indicators for the largest cryptocurrency by market cap, including data suggesting a market exit for whales holding at least 1,000 coins, and exchange inflows of more than 1.7 million coins, the most since February.
  • High CEX inflows of BTC suggest whales are potentially exiting the market by selling coins, possibly as a way to prepare for a longer market downtrend.
  • Unfavorable outlooks on the market based on hard data have led the Bitcoin Fear and Greed Index to drop to 11, the Extreme Fear region.
  • Despite the poor sentiment, BTC daily transactions do not yet appear to have been negatively affected.
  • Lead on-chain analyst at Glassnode Checkmate tweeted on Sunday Many of you are waiting for the Bitcoin capitulation wick, partially confirming the notion that investors expect BTC to continue to fall.
  • Market analyst Caleb Franzen tweeted to his 11,000 followers on Sunday that investors should look for markets to continue trending downward based on his analysis suggesting we will remain short-term bearish.
Bitcoin whales jumping ship as exchange inflows reach 3-month high
Bitcoin whales jumping ship as exchange inflows reach 3-month high 2

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