Crypto Quant CEO Ki Young Ju warns that big Bitcoin holders are moving their holdings to the Crypto Exchange Coinbase.
The head of the blockchain intelligence platform says he believes The leading cryptocurrency can go through a correction phase as more whales deposit their BTC on Coinbase.
“Too many BTC whales on Coinbase. I’m still bullish long-term, but we could take some corrections or sideways movement until the whales go inactive on the local exchanges.
The exchange whale ratio is the relative size of the top 10 tributaries to the total tributaries. Historical data for Coinbase Whale ratio. When whales are active on Coinbase (over 90%), the BTC The price is likely to move sideways or bearish. “
While Ki Young Ju is bearish on BTC in the short term, widespread blockchain analyst Willy Woo is believes that the presence of whales on exchanges is no longer a reliable indicator of a market sell-off.
“In the past, spikes in destruction or at rest were a bad sign for the market, since old coins have more experienced masters and therefore smarter money. This would predict a fall in prices. These days, OG whales don’t always sell bottoms as well. Smarter money has arrived. “
On-chain analyst Cole Garner appears to be echo Woo’s feelings as he reveals that the amount of BTC held in all crypto exchanges continues to decline.
From nearly three million BTC earlier this year, the amount of Bitcoin stored on all exchanges has plummeted to 2.36 million BTC, indicating that owners are waiting for higher prices before selling their crypto assets.
“The liquidity of the Bitcoin exchange is melting. Institutions are not prepared for such shortages. “
Featured image: Shutterstock / Andrea Izzotti