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There are too many bitcoin whales on the exchanges: “don’t buy when it falls”

Ki Young Ju, CEO of cryptocurrency data analysis platform Cryptoquant, said there were too many whales in the exchanges and urged them not to buy in short-term falls.

Bitcoin’s rise again above 19 thousand dollars and its continued hold here has brought investors to a very important divide between buy and sell. Recent BTC investments by corporate firms have encouraged everyone in terms of buying, while data on the entry of whales into exchanges and depositing funds show the opposite.

According to centiment, a well-known top-of-the-chain crypto data platform, whales are ready to take profits. Centiment also announced that the number of accounts with funds between 10 thousand and 100 thousand BTC had fallen significantly as of November. Since November 18, the whales have either left the net or sold and distributed their BTC for profit.

Corporate firms buy, individual investors sell
Another data from centiment also shows that the market is currently on a downward trend. Bitcoin and the entire cryptocurrency market are under pressure, while the total balance of wallets holding small amounts of BTC is also declining, and during this period when corporate firms are buying, the retail investor is actually turning to sales.

Trading volumes down
The decline in trading volumes since November is also notable. During last month’s bull run, Bitcoin trading volume reached $ 60 billion in total, while this figure has now fallen below $ 25 billion… experts attribute these moves to the fact that BTC traders and investors are still in doubt at the moment, and at least with these indicators, the threshold of $ 20 thousand is difficult to overcome.

Whales come to the exchanges
On-chain and off-chain data show that whales come to the exchanges to profit from their BTC in giant numbers. Crypto analyst Ki-Young-Ju, who tracks recent whale movements, commented on Twitter::

“Profit was realized at $ 19250 and moved from 10x long to 1x normal long. Looking at the average of all stock market inflows (144 block MA), whales invest BTC in exchanges. I think they need more time to make a profit.”

Asian whales, on the other hand, are also seen sending huge sums to the Huobi Stock Exchange. According to analyst Ju, “entering long” is not very safe under these conditions. Even investors would be better off waiting for whales to drive prices up, the analyst said, adding: “Don’t take that damn drop… there are too many whales in the stock markets.”

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