Massive Deposits By Bitcoin (BTC) Whales At Exchanges, Avoid ‘Buy on Dips’

Bhushan Akolkar
December 15, 2020
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Bitcoin

As Bitcoin (BTC) continues to flirt around $19,000, investors are at a crucial junction to decide whether to buy or sell. Although the institutional developments suggest a buy, the inflow data at the exchange by the Bitcoin whales suggest otherwise.

On-Chain Data From Santiment Shows Drop In Wallets Holdings Large BTC Quantity

Popular on-chain crypto data provider Santiment has also hinted at the recent whale action. Despite the huge bullish sentiment among retail investors, whales are ready to realize profits.

Data from Santiment suggests that the number of addresses holding between 10K-100K BTC has significantly dropped over the last month. Since November 18, whales have either left the network or have redistributed their tokens.

 

Courtesy: Santiment

Also, the Bitcoin (BTC) and the overall cryptocurrency market looks bearish and under pressure at the moment. Another data from Santiment suggests a decline in the combined balance of wallets holding a small quantity of BTC. It suggests a downward trend in retail holders just at the time when institutions are accumulating.

There’s also a constant decline in Bitcoin (BTC) trading volumes from the month of November. During the last month of the Bitcoin bull run, the BTC trading volumes peaked at around $60 billion. The daily trading volumes have now dropped below $25 billion. It looks like BTC traders and investors are more skeptical at this stage and hints that a breakthrough past $20,000 looks difficult at this stage.

Houbi Bitcoin [BTC] Inflow Rising, Are Miners And Whales Getting Ready to Sell?

Several off-chain and on-chain data points suggest that whales are coming in huge numbers to liquidate their BTC holdings. Crypto analyst Ki-Young-Ju has been tracking the whale movement much recently. The All Exchange Inflow Mean has reached 144-block MA.

On the other hand, the very recent developments suggest that the Asian BTC whales are making massive deposits at the Huobi exchange. Analysts Ju predicts that it won’t be safe to go long at this point. Rather, investors can wait for the whales to drive the prices. “Don’t buy the f*cking dip Too many $BTC whales on exchanges” he adds. 

 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.