Bitcoin whales transferred large amounts of BTC to exchanges for profit realization or position adjustment. The Exchange Whale Ratio indicator of the CryptoQuant platform rose to 0.7. However, the fact that long-term investors continue to hold approximately 67% of the total supply indicates that confidence in the market is being maintained.
Recently, large Bitcoin investors, that is, whales, transferred a significant portion of their BTC holdings to exchanges. This movement led to the Exchange Whale Ratio value of CryptoQuant reaching 0.7. This ratio indicates that whales are transferring large amounts of Bitcoin from their wallets to exchanges for profit taking or repositioning. On the other hand, the continued control of the majority of Bitcoin supply by long-term investors suggests that the market is undergoing a controlled rebalancing process away from a panic atmosphere.
Especially in recent weeks, the volume of Bitcoin transferred to exchanges has increased. The rise in the Exchange Whale Ratio directly reflects this situation. Whales were preparing to cash in their unrealized profits from previous periods. The employment data from the U.S. falling below expectations triggered a flight to safety, causing institutions and funds to sell.
Experts evaluate these high transfers made by whales to exchanges as preparations for short-term profit taking and market volatility. It appears that natural market cycles are continuing while avoiding excessive movements from a technical perspective. Analysts indicate that whales are focusing on meeting their liquidity needs while preparing for a potential upcoming bull run.
Despite the whales directing their attention to exchanges, the Bitcoin price declined to $112,000 before stabilizing around $114,000. Technical indicators reveal that the levels between $115,000 and $116,000 are critical resistance points. If this range cannot be surpassed, a decrease in buyer demand may be observed, and the price may follow a horizontal trend. The levels of $110,000 and $100,000 are significant as psychological support points.
Meanwhile, the fact that long-term investors continue to control a large portion of the supply contributes to the stability of the Bitcoin price. The market seems to be digesting the sales made by the whales for the time being. Additionally, the open position balance is being maintained in both spot and derivative exchanges, indicating that overall market confidence is sustained.