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The price of Bitcoin has been moving mostly sideways over the past week, briefly flirting with the $87,000 level on Thursday, March 20. The latest on-chain data suggests that this choppy market condition might not improve soon, as the premier cryptocurrency might be at risk of downward pressure over the coming weeks.
What Does Rising Exchange Whale Ratio Mean For Price?
In a Quicktake post on the CryptoQuant platform, an analyst with the pseudonym EgyHash revealed that the activity of Bitcoin whales on centralized exchanges has been rising in the past few weeks. The on-chain analyst offered insights on how this budding trend could impact the price dynamics of Bitcoin.
This on-chain observation is based on the changes in the “Exchange Whale Ratio” metric, which calculates the ratio between the sum of the top 10 largest transfers into centralized exchanges and the total exchange inflow. For context, the 10 largest exchange inflows are from whale addresses — entities that hold significant influence on the market due to their substantial crypto holdings.
This Exchange Whale Ratio indicator offers insight into the activity of this investor class relative to the other investors in the crypto market. A high value for this metric suggests that the 10 largest exchange inflows are cumulatively larger than the incoming transfers from the rest of the market. Conversely, when the Exchange Whale Ratio is low, it implies that whales contribute a relatively healthy part of funds flowing into centralized exchanges.
According to the Quicktake analyst, the Bitcoin Exchange Whale Ratio has climbed to levels not seen since last year. The chart below shows that this metric has been on the rise since December 2024 before reaching a new high of over 0.6 in the past week — and for the first time since September 2024.
Typically, inflows into centralized exchanges tend to negatively impact the value of the flagship cryptocurrency, as selling is one of the services offered by these platforms. Egyhash noted that the steady rise in the Exchange Whale Ratio could be a bearish signal for the price of Bitcoin, as it indicates that large investors might be pulling out of the market.
Moreover, whales sending their assets to exchanges can trigger a sell-off cascade, as other investor cohorts often monitor their trades due to their significant market influence. Ultimately, the selling pressure that might result from the rising Exchange Whale Ratio could threaten Bitcoin’s future trajectory.
Bitcoin Price At A Glance
As of this writing, the price of Bitcoin is sitting just above the $84,000 mark, recording no significant movement in the past 24 hours.
Featured image created by DALL-E, chart from TradingView
Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.
Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it.
Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.
When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.
Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.
Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.
Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time – he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.
Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon – cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment – spreading the crypto gospel to the rest of the world.
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