{"id":2962,"date":"2021-12-27T01:58:43","date_gmt":"2021-12-27T01:58:43","guid":{"rendered":"http:\/\/egrowonline.com\/?p=2962"},"modified":"2021-12-27T01:58:43","modified_gmt":"2021-12-27T01:58:43","slug":"bitcoin-needs-to-clear-51k-to-reduce-the-chance-of-new-sell-off-from-btc-whales","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=2962","title":{"rendered":"Bitcoin needs to clear $51K to reduce the chance of new sell-off from BTC whales"},"content":{"rendered":"


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Bitcoin (BTC<\/a>) whales are the center of attention again this week as large transactions flow back to exchanges.<\/p>\n

Data<\/a> from on-chain analytics platform CryptoQuant on Dec. 24 shows that relatively, whales are increasing their presence as potential sellers.<\/p>\n

Action stations as Bitcoin climbs to $51,000<\/h2>\n

According to CryptoQuant\u2019s Exchange Whale Ratio indicator, the proportion of large inflows to exchanges out of total inflows is now at a one-year high.<\/p>\n

Inflows sped up significantly as BTC\/USD rose to $51,000 overnight on Thursday, and the implication could be that large-volume investors plan to take profits at the top end of Bitcoin\u2019s current range.<\/p>\n

\u201cIt is better to watch out until BTC breaks $51k levels,\u201d one CryptoQuant analyst cautioned. <\/p>\n

\u201cOnce we surpass this level next significant resistance will be around $56,8k.\u201d<\/p><\/blockquote>\n

Exchange Whale Ratio vs. BTC\/USD annotated chart. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n

Despite misgivings<\/a>, Bitcoin managed to preserve its higher levels into Friday, these previously forming a key line in the sand<\/a> for bullish sentiment to return.<\/p>\n

Never mind the inflows?<\/h2>\n

Whales, meanwhile, are not new potential sellers. As Cointelegraph reported<\/a> earlier in the month, larger investors have diverged from smaller retail hodlers in terms of buying behavior.<\/p>\n

CryptoQuant and others confirm that this is still the case, with exchange withdrawals conversely reflecting \u201cpeak accumulation\u201d similar to September before the breakout to $69,000 all-time highs.<\/p>\n

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#Bitcoin<\/a> 100-1K wallets keep stacking and the supply controlled by them repeatedly hitting ATH.<\/p>\n

Not saying it will definitely go parabolic like in the previous year but it surely looks like it. pic.twitter.com\/d9qnA0VEeA<\/a><\/p>\n

\u2014 Lex Moskovski (@mskvsk) December 24, 2021<\/a><\/p><\/blockquote>\n

Related:\u00a0Missed out on hot crypto stocks in 2021? It paid just to buy Bitcoin and Ethereum, data shows<\/a><\/em><\/strong><\/p>\n

Miners, too, are holding onto<\/a> their newly released coins from block subsidies, with their reserves now at six-month highs.<\/p>\n

\u201cMiners own more BTC than when BTC was at $69k, in fact, they added back all the BTC they net distributed since the drop from $69k,\u201d contributor Venturefounder noted<\/a>.\u00a0<\/p>\n

Bitcoin miner reserve vs. BTC\/USD annotated chart. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<\/div>\n


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Bitcoin (BTC) whales are the center of attention again this week as large transactions flow back to exchanges. Data from on-chain analytics platform CryptoQuant on Dec. 24 shows that relatively, whales are increasing their presence as potential sellers. Action stations as Bitcoin climbs to $51,000 According to CryptoQuant\u2019s Exchange Whale Ratio indicator, the proportion of […]<\/p>\n","protected":false},"author":1,"featured_media":2963,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[40],"tags":[2571,50,194,2573,2570,2572,251,1582],"class_list":["post-2962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-51k","tag-bitcoin","tag-btc","tag-chance","tag-clear","tag-reduce","tag-selloff","tag-whales"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2021\/12\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTIvN2FkMjBhOTAtOWRhNi00ODFhLThhZDUtOGY5ZTdhOWU4NTUxLmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/2962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2962"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/2962\/revisions"}],"predecessor-version":[{"id":2964,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/2962\/revisions\/2964"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/2963"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2962"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}