On-chain data shows the Bitcoin exchange whale ratio has been going up recently, something that may be bearish for the price of the crypto. Bitcoin Exchange Whale Ratio Has Been Going Up In Recent Weeks As pointed out by an analyst in a CryptoQuant post, the current BTC whale ratio value suggests whales are still selling large amounts. The “exchange whale ratio” is an indicator that measures the ratio between the sum of the top ten Bitcoin transactions to exchanges and the total exchange inflows. In simpler terms, what this metric tells is how much of the total inflows to exchanges is contributed by the whales (the ten largest transactions are assumed to be from whales). When the value of the ratio is high, it means the whales are making up for a large part of the inflows right now. Such a trend can be a sign of dumping from these humongous holders, and hence can be bearish for the crypto. Related Reading | Glassnode: Bitcoin LTHs Who Bought During 2017-2020 Aren’t Selling Yet On the other hand, low values of the metric can suggest whales are selling at a healthy rate right now. This could be either neutral or bullish for BTC’s price. Now, here is a chart that shows the trend in the Bitcoin exchange whale ratio over the last couple of years: Looks like the value of the indicator has been going up recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange whale ratio...
