Bitcoin (BTC) whales are back in the spotlight this week as large transactions flow back to exchanges.
Data from on-chain analytics platform CryptoQuant for December 24 shows that relatively whales are increasing their presence as potential sellers.
Seasons of action as Bitcoin climbs to $ 51,000
According to CryptoQuant’s Exchange Whale Ratio indicator, the ratio of large entries to exchanges over total entries is now at a one-year high.
Inflows accelerated significantly as the BTC / USD pair rose to $ 51,000 overnight on Thursday., and the implication could be that high-volume investors plan to take profits at the upper end of Bitcoin’s current range.
“Better be careful until BTC breaks above $ 51,000 levels”, warned an analyst at CryptoQuant.
“Once we break above this level, the next significant resistance will be around $ 56,800.”
Despite the Doubts, Bitcoin managed to preserve its highest levels through Friday, these previously forming a key line in the sand for bullish sentiment to return.
Isn’t it about the money inflows?
Whales, for their part, are not potential new sellers. As Cointelegraph reported earlier in the month, large investors have demarcated themselves from small retailers in terms of buying behavior.
CryptoQuant and others confirm that this is still the case, and that exchange withdrawals reflect, by contrast, a similar “peak accumulation” to September prior to the breakout to all-time highs of $ 69,000.
#Bitcoin 100-1K wallets keep stacking and the supply controlled by them repeatedly hitting ATH.
Not saying it will definitely go parabolic like in the previous year but it surely looks like it. pic.twitter.com/d9qnA0VEeA
– Lex Moskovski (@mskvsk) December 24, 2021
Wallets holding between 100 and 1,000 Bitcoin keep accumulating and the supply controlled by them repeatedly hits the all-time high. I am not saying that it will go as a parable, as in the previous year, but it seems like it.
Miners are also holding on to their freshly mined coins; your reserves are now at six-month highs.
“Miners own more BTC than when the coin was at $ 69,000. In fact, they added back all the BTC that they netted since the drop from $ 69,000.”noted contributor Venturefounder.
Keep reading: