On-chain data shows the Bitcoin exchange whale ratio has continued to decline recently, a sign that may prove to be bullish for the crypto’s price.
Bitcoin Exchange Whale Ratio 72-Hour MA Has Been Going Down Recently
As pointed out by an analyst in a CryptoQuant post, the bitcoin exchange ratio on a 72-hour moving average has been on a decline. The “exchange whale ratio” is an indicator that measures the ratio between the sum of the top 10 Bitcoin transactions to exchanges and the total exchange inflow.
Since the ten largest deposits to exchanges are usually from the whales, this metric tells us what part of the total exchange inflows is being contributed by these humongous holders. Thus, when the value of the indicator is high, it means whales are making up a high part of the inflows right now.
As one of the main reasons investors deposit to exchanges is for selling purposes, this kind of trend can be a sign of heavy dumping from this cohort, and could therefore be bearish for t
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