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. 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.
#Bitcoin holds support above $60k in spite of whale dumping.
📉 Most $BTC exchange deposits are coming from whales. Top 10 TXs take almost 90% of the total volume in an hour.
— Ki Young Ju 주기영 (@ki_young_ju) November 5, 2021
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. Glassnode publishes the total BTC supply on exchanges:
Bitcoin (BTC) Balance on Exchanges reached 2,449,773,473 BTC, the lowest level in 3 years
— glassnode alerts (@glassnodealerts) November 5, 2021