Bitcoin (BTC) has surged past $51,000 levels and is 5% as of writing this article. At press time, BTC is trading at a price of $51,402 with a market cap of $945 billion.
CryptoQuant CEO and popular Bitcoin analyst Ki-Young Ju points out that two major indicators suggest that the worst is behind us and the Bitcoin bull run is likely to continue further.
People have PTSD about mass-dumping.
But don't worry, we're good now.
Two whale dumping indicators said there are fewer whales compared to the past. The bull-run is likely to continue.
Details
https://t.co/y8IRCP8JQH pic.twitter.com/Yj8ujjzVFx
— Ki Young Ju 주기영 (@ki_young_ju) March 3, 2021
1. BTC: All Exchanges Inflow Mean
This metric offered by CryptoQuant shows the average amount of Bitcoins deposited into all exchanges. The metric shows Bitcoin deposits on a 24-hour moving average. As CryptoQuant states:
“In the 144-block moving average chart, if this indicator goes over 2 BTC during the surge, Bitcoin whale dumping is likely to happen. If it goes below 2 BTC immediately after the dip, it means victim whales are depositing to exchanges but not sold them”.
This data is based on the historical trends of the last three years. As per the latest chart in the above tweet shared by Ju, the BTC all exchange inflow mean has dropped to 1.0 suggesting no further mass dumping.
2. BTC: Exchange Whale Ratio
This metric checks the relative size of the top 10 inflows vis-a-vis total inflows. The whale ratio is often below 85% during the bull market. However, in the case of the bear market or mass-dumping by whales, it stays above 85%. The exchange whale ratio in the second chart by Ju shows that it is currently at 84%.
Well, the tweet by Ju was made one hour back and Bitcoin has added $1000 to its price during the same period. This is a testament to the fact of how powerful these indicators have been. Earlier today, Ju also tweeted:
“Whales accumulating $BTC. They are making a lot of bear traps lately, but the price seems to recover the institutional buying level, 48k. Looking at recent Coinbase outflows, most of the outflows that went to custody wallets were at 48k price.”
On Tuesday, March 2, nearly 12,000 BTC moved out of Coinbase.
Another 12k #Bitcoin outflow from Coinbase.
data: @cryptoquant_com
chart: https://t.co/dmKMjdEOVZ pic.twitter.com/oTMTcAvY4b— unfolded. (@cryptounfolded) March 2, 2021
Another bull indicator as per data on Skew Analytics shows that the implied Bitcoin volatility is now reset back to early January levels, before the previous bull run.
Implied bitcoin volatility resets to early January levels.
Implied volatility usually increases in bearish markets and decreases when the market is bullish. pic.twitter.com/DIZdFbXUdl
— unfolded. (@cryptounfolded) March 3, 2021
The post Bitcoin (BTC) Whale Indicators Suggest the Worst Is Behind Us, Bull Run to Continue appeared first on Coingape.
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Source: https://coingape.com/bitcoin-btc-whale-indicators-suggest-worst-behind-us-bull-run-continue/
