An increase in the Bitcoin Exchange Whale Ratio, based on recent on-chain data, suggests a bearish outlook for the cryptocurrency’s price.

Sharp Rise in the 60-Day MA Bitcoin Exchange Whale Ratio

The Exchange Whale Ratio, tracking the top 10 transfers to exchanges against total exchange inflow, has shown significant growth. This ratio indicates the activity of large holders, known as whales, who hold substantial influence over the market.

High values in this ratio indicate that major market deposits come from these significant investors, potentially driving selling pressure. Conversely, lower values suggest a healthier market inflow and may positively impact the price.

Recent trends have seen a noticeable increase in the 60-day moving average of the Bitcoin Exchange Whale Ratio, pointing to a rise in whale activity in exchange inflows. This rise coincides with the cryptocurrency’s price surge to a new all-time high, signaling a potential bearish trend based on historical data.

While Bitcoin’s price has maintained stability following this increase, analysts are cautious about the sustained impact of whale-driven selling pressure on the market.

Bitcoin Price

As of the latest data, Bitcoin is trading around $65,600, experiencing a slight decline of over 5% in the past week.