Bitcoin “Exchange Whale Ratio” Is Rising: Why This Could Be Alarming
Summary
The Bitcoin Exchange Whale Ratio, which tracks the ratio of top 10 transfers to total exchange inflow, has been rapidly increasing. This suggests that large holders are contributing significant selling pressure, potentially bearish for the asset. The 60-day MA of the ratio has been climbing steeply, indicating whales are increasing their share of exchange inflows. Historically, when the ratio has reached high values, Bitcoin has experienced steep price declines. Despite the current price decline, the demand for spot ETFs may be absorbing the selling pressure. As of now, Bitcoin is trading around $65,600, down more than 5% in the last seven days.
