Bitcoin (BTC) whales are back in the spotlight this week as big deals flow into exchanges.
Data from on-chain analytics platform CryptoQuant on December 24 shows that whales are relatively increasing their presence as potential sellers.
Seasons of action as Bitcoin climbs to $ 51,000
According to CryptoQuant's Exchange Whale Ratio indicator, the ratio of large inflows to exchanges of total inflows is now at a one-year high.
The inflows accelerated significantly as BTC / USD surged to $ 51,000 overnight on Thursday, and the implication could be that high-volume investors plan to profit at the upper end of Bitcoin's current range.
"Better watch out until BTC breaks above $ 51k levels," warned an analyst at CryptoQuant.
"Once we break above this level, the next significant resistance will be around $ 56.8k."
In spite of misgivings, Bitcoin managed to preserve its highest levels until Friday, these previously formed a key line in the sand for the bullish sentiment to return.
Don't mind the tickets?
Whales, meanwhile, are not potential new sellers. As Cointelegraph reported At the beginning of the month, larger investors have turned away from small retailers in terms of buying behavior.
CryptoQuant and others confirm that this is still the case, as the currency withdrawals inversely reflect a "peak accumulation" similar to September prior to the breakout to all-time highs of $ 69,000.
#Bitcoin 100-1K wallets keep piling up and supply controlled by them repeatedly hits ATH.
I'm not saying it will definitely go parabolic like the year before, but it surely looks like it. pic.twitter.com/d9qnA0VEeA
- Lex Moskovski (@mskvsk) December 24, 2021
Miners are also clinging their newly released coins from block subsidies, with their reserves now at six-month highs.
"Miners own more BTC than when BTC was at $ 69k, in fact they added back all the BTC they netted out since the $ 69k drop," contributor Venturefounder indicated.
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