Bitcoin whales are back buying BTC while “panic” is keeping smaller investors away, according to new research.
Data from onchain analytics platform CryptoQuant shows sell-side pressure from Binance whales cooling.
Bitcoin whales reset market approach
Bitcoin (BTC) at $80,000 is proving attractive for large-volume investors, or at least a poor value selling proposition for those wishing to exit the market.
In a “Quicktake” blog post on March 12, CryptoQuant contributor Darkfost revealed that the proportion of the top 10 largest inflows to Binance attributed to whales has declined.
“Monitoring whale behavior has consistently provided valuable insights into potential market movements,” they summarized.
“Given that Binance handles the highest volumes, analyzing the Bitcoin exchange whale ratio on Binance provides a good insight into broader whale activity.”
Bitcoin exchange whale ratio (Binance). Source: CryptoQuant
The exchange’s whale ratio has, in fact, exhibited a broad downtrend