Whales have been selling Bitcoin throughout the weekend, from October 22 onwards. Despite the heightened number of sellers in the market, the dominant cryptocurrency has continuously rallied.
Some Bitcoin whales have been selling BTC over the past week, since October 22.
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In crypto, the term “whale” refers to a high-net-worth investor who holds a significant number of Bitcoin. Whales typically have a large influence over the market due to the size of their trades.
Exchange Deposits From Whales Increased
According to the data from the on-chain analysis firm CryptoQuant, whales started depositing Bitcoin to exchanges on October 22.
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Whales or wealthy investors tend to hold Bitcoin in cold wallets, not on exchanges. The reason for that is because cold wallets are offline wallets that are not connected to the internet. That eliminates the possibility of a security breach or a hacking attempt.
Hence, when whales begin to deposit Bitcoin into exchanges, it often signifies an intent to sell.
In an exclusive interview, CryptoQuant CEO Ki Young Ju said that he expects a small price drop due to the growing selling pressure from whales.
Two days after Ki pinpointed the rising number of Bitcoin deposits from whales, on October 25, the price of BTC dropped nearly 3% in under an hour.
“Historical data shows that every time All Exchanges' Inflow Mean(24h MA) exceeded 2 BTC, the price is likely to be move sign ..
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