In one of its “Quicktake” blog posts on March 12, CryptoQuant contributor Darkfost revealed that the proportion of the top ten largest inflows to Binance attributed to whales has fallen.“Monitoring whale behavior has consistently provided valuable insights into potential market movements,” he 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).
Within this cohort, buyers holding between one week and one month now have a lower cost basis than those holding for between one and three months.“With Bitcoin prices dropping below $95k, this model also confirmed a transition into net capital outflows, as the 1w–1m cost basis fell below the 1m–3m cost basis,” researchers explained. “This reversal indicates that macro uncertainty has spooked demand, reducing new inflows and arguably increasing the probability of further sell pressure and a prolonged correction.
Source: CryptoQuantThe exchange whale ratio has, in fact, exhibited a broad downtrend since mid-January when BTC/USD hit its latest all-time highs.“Currently, this ratio is declining, implying that Binance's whales are reducing their selling pressure,” the post continues. “Historically, an increasing ratio has been associated with short-term price corrections or consolidation phases, while a decreasing ratio has often preceded bullish trends.
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Author / Journalist: Cointelegraph by William Suberg
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