Bitcoin whale sell-off soars, while BTC price remains at $60,000, buyers snap up supply

Bitcoin (Bitcoin) Despite the significant increase in whale selling on exchanges this week, supply is still tight.

As comfirmed According to a report by the on-chain monitoring resource CryptoQuant on November 5, whales have accounted for most of the selling pressure in recent days.

Whale coin finds a new home

A familiar event, but the time is strange– A large number of holders are “dumping” BTC In the market, but at or near April’s all-time high.

Although traders and analysts seem to agree The bull market is far from over, The whale seems to be eager to divest its own assets.

“Most BTC exchange deposits come from whales,” said Ki Young Ju, CEO of CryptoQuant. Said As part of the November 5th comment.

“The top 10 TX accounted for almost 90% of the total transaction volume within an hour.”

The attached exchange whale ratio chart shows that starting from mid-October, the exchange’s top ten inflows have increased significantly relative to the overall inflows.

Exchange whale ratio vs. foreign exchange reserves vs. BTC/USD chart.Source: Ki Young Ju/Twitter

Binance once again reverses the downward trend of foreign exchange balances

Despite this, there is still a dichotomy-whales may be selling, but overall, the BTC balance between exchanges continues to decrease.

related: Bitcoin only needs to break through $64,000 to reach a new all-time high — Analyst

Ki believes that the appetite of buyers is rising to meet the supply of sellers, which explains the relatively stable BTC price trend this week.

“Despite the whale sell-off, Bitcoin remains supported by more than $60,000…Foreign exchange reserves are declining, resulting in a decrease in exchange supply,” he added.

Separate data from data company Coinglass show Binance becomes the exception to the trend On November 5, its reserves increased by 2,141 BTC in the 24 hours as of the time of writing. However, as Cointelegraph reported last month, this in itself is not uncommon.

Bitcoin exchange balance chart. Source: Coinglass