Bitcoin (BTC) whales are moving large amounts of coins to exchanges in tandem with large outflows, curious new data shows.

According to the exchange whale ratio indicator from on-concatenation analytics business firm CryptoQuant, large transactions have accounted for over ninety% of recent commutation deposits.

Tiptop 10 deposits brand upwards 90% of exchange inflows

In a marked change from previous behavior, over the by calendar week, whales have become much more active prospective sellers on exchanges.

The exchange whale ratio, which measures how large the top 10 deposits to exchanges are relative to all deposits, is sounding the alarm.

"Whales are depositing BTC to exchanges," CryptoQuant CEO Ki Immature Ju summarized.

"$BTC Exchange Whale Ratio(72h MA) reached 91%. This indicates the top x deposits accept 91% of the deposit book beyond all exchanges in the hourly timeframe."
BTC/USD with exchange whale ratio annotated chart. Source: Ki Young Ju/Twitter

The data presents an interesting counterpoint to the current narrative involving whales.

Equally Cointelegraph reported, big wallets accept been ownership throughout the recent downturn, while on Tuesday, bid levels amongst whales increased on exchange Bitfinex from $50,000 to effectually $54,000.

As responses to Ki additionally noted, outflows from exchanges en masse also go along, with reserves still at their everyman since mid-2018.

Bitcoin commutation reserves nautical chart as of Nov. 22. Source: CryptoQuant

BTC cost spikes go on coming (and going)

Bitcoin saw volatile spikes Tuesday in what would correlate with sudden big-volume actions on exchanges.

Related: Total crypto marketplace cap drops past 6.7%, but futures data finds a silverish lining

The phenomenon has played out several times over the by week, each fourth dimension seeing a sudden outburst in BTC price action that and so dissipates at major resistance levels.

BTC/USD 30-minute candle chart (Bitstamp). Source: TradingView

For analysts, $threescore,000 even so needs to return and hold equally support over again in order to trigger a genuine modify in the current downtrend.