[Analysis] "Bitcoin Recovery Requires Whale Investors to Reduce Spot Exchange Deposits"
Suehyeon Lee
Summary
- It was reported that the market might recover if the spot exchange deposit volume of Bitcoin whale investors turns downward.
- The recent exchange whale ratio has stalled from its upward trend, but no clear downward trend is visible.
- According to past cases, a decrease in exchange deposit volume could be a signal of a Bitcoin bull market.
An analysis suggests that the market will recover only if the deposit volume of Bitcoin (BTC) whale investors to spot exchanges turns downward.
On the 13th (local time), CryptoQuant author Grizzly stated, "The exchange whale ratio has significantly increased since the end of last year, but in the past two weeks, the upward trend has somewhat stalled. However, a definite downward reversal is not yet visible."
He further analyzed, "Looking at past trends, Bitcoin bull markets often began when the amount whales deposited to spot exchanges decreased. If the exchange whale ratio turns downward, it could be a signal of overall market recovery."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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