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Danger Appears For Bitcoin Price!
Crypto Mining - Blockchain data shows Bitcoin's stock market entries are on the rise, which could be a sign that whales could increase sales.
Bitcoin Entries Rise As Whales Continue To Sell
As the CryptoQuant post points out, blockchain data highlights the increase in BTC inflows to exchanges.
The higher the value of this metric, the more investors send their cryptocurrencies to the exchanges. Holders often deposit their BTC to switch to fiat or buy altcoins. So this could be a bearish sign.
On the other hand, when entries depreciate, it means that not many investors invest their Bitcoins in exchanges. Such a trend may mean that their owners are not currently interested in selling.
Now, here is a chart showing the trend in the value of BTC entries over the past few months:
As the chart above highlights, BTC inflows have been on the rise lately. Before the crash in early December, total entries increased sharply.
After the collision, the gauge calmed down for a short while before observing large spikes again. This may indicate that sales may still be going on in the market.
The chart above also has curves for the other two indicators, the top ten whale entries, and the total entry seven-day average. The latter, as the name suggests, is just the seven-day average of the regular metric.
Although the first is a measure of how the top ten whale entries contribute to the total entry, when we examine the graph, it is seen that this indicator has also experienced a sudden rise recently. This may indicate that whales can increase their sales.
Such a trend has generally been bearish for the price of cryptocurrency. However, it wasn't always like that. But given the recent market environment, the signs may not be in BTC's favor.
Latest Situation In BTC Price
Towards the close of the day, the price of Bitcoin has been fluctuating around $47,750, down 15.74% over the past seven days. In the last 24 hours, there has been a depreciation of more than 5 percent. Since last week's decline, Bitcoin has mostly moved horizontally.