It’s been revealed that the CEO of CryptoQuant, Ki Young Ju, said that Bitcoin whales are fueling the Bitcoin move to the downsides.
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $31,864.53.
On Twitter, Ju posted that there are important inflows into exchanges from large investors that began this week, and this suggests that large BTC holders were ready to sell.
He also said that BTC is on its way to $100,000.
Per CryptoQuant’s Exchange Whale Ratio indicator, “the level is now above 85%, which indicates a bearish scenario. A level below 85% indicates a bullish scenario.”
Whales are depositing $BTC to exchanges.
Should keep eyes on Coinbase outflow and Coinbase Premium(will launch by tmr) pic.twitter.com/kotHydfxfM
— Ki Young Ju 주기영 (@ki_young_ju) January 20, 2021
He also added that outflows from Coinbase normally are heading to the exchange’s vaults, which are holding crypto on behalf of investors.
“It seems Coinbase significant outflows usually go to many cold wallets owned by the Coinbase OTC desk. Pretty good hit rate. Above 10k BTC is significant.”
He also said that investors are pushing the price lower in order to create a period of consolidation.
“It seems BTC sellers came from Coinbase. Coinbase Premium Index has been a negative value since an hour ago. Coinbase whales might want BTC to go lower for consolidation,” he said as cited by the Daily Hodl.
Investors should buy BTC for three reasons
Earlier today, we revealed that there are three vital factors for which investors should consider buying Bitcoin:
- the overall favorable market conditions
- the diminishing returns of bonds and conventional hedges
- Bitcoin’s unconventional platform as factors that make the asset worth enduring high volatility
Stay tuned for more news.
The post Whales Are Reportedly Fueling Crypto Correction – Here’s The Reason | CryptoGazette appeared first on Crypto new media.