CryptoQuant CEO Ki Young Ju tweeted that the largest Bitcoin deposits currently made to exchanges are made by crypto whales sending BTC to sell.
Whales move too much Bitcoin (BTC) to exchanges to sell
Ki Young Ju says that most of the transactions that come to crypto exchanges are made by large Bitcoin (BTC) holders, namely whales. Top 10 deposit transfers brought in 90% of the total volume within an hour. However, BTC manages to stay above the $60,000 level. The CryptoQuant CEO quotes his analysis in the following tweet:
BTC holds support above $60,000 despite whale drop. Most BTC currency deposits come from whales. The top 10 get almost 90% of the total volume in an hour. The foreign exchange reserve is decreasing, which leads to less supply on the stock markets.
Meanwhile, BTC doesn’t stay on exchanges for long; being drawn into cold wallets for long-term storage by investors. And so far, it has hit a three-year low of 2,449,773,473 BTC. This is equivalent to about 13% of the entire supply of Bitcoin currently in circulation. cryptocoin.com Glassnode, which we share the data of, publishes the total BTC supply on the exchanges:
Bitcoin (BTC) Balance on Exchanges reached 2,449,773,473 BTC, the lowest level in 3 years
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.