According to the blockchain analytics company CryptoQuant, large holders have increased the sale of bitcoins – the main influx of BTC to exchanges comes from the wallets of the “whales”.
Most analysts agree that the cryptocurrency market will continue to grow and the “bull cycle” is far from over. Recently, however, large holders have begun to take in some of the profits.
“Most of the deposits in bitcoins on cryptocurrency exchanges come from whale wallets. If you look at the hourly statistics, the 10 largest transactions will account for almost 90% of the inflow of bitcoins to the exchange “, – noted CEO of CryptoQuant Ki Young Ju.
Despite the sale of bitcoins by “whales”, the total amount of BTC in the wallets of cryptocurrency exchanges continues to decline. This suggests that the demand for the first cryptocurrency exceeds supply, which means the trend is still bullish.
Recently, the analytical company Chainalysis reported that the stocks of bitcoins in wallets with a balance of more than 1,000 BTC increased significantly – almost 200,000 BTC more than at the beginning of the year.