Bitcoin whale sales are rising while BTC price holds $ 60,000 and buyers are snapping up the offer

Bitcoin (BTC) is still experiencing a supply shortage despite a sharp spike in whale sales on the exchanges this week.

As the on-chain monitoring resource CryptoQuant confirmed on Nov. 5, whales have been making up most of the selling pressure in the past few days.

Whale coins find a new home

A familiar occurrence, but with strange timing – large volume holders “dump” BTC into the market, but at or near April’s all-time high.

Despite the seemingly unanimous consensus among traders and analysts that the bull run is far from over, whales appear to be eager to part with their stocks.

“Most of the BTC stock market deposits come from whales,” said Ki Young Ju, CEO of CryptoQuant, during the November 5th comment.

“Top 10 TXs take up almost 90% of the total volume in one hour.”

An accompanying graph of the exchange rate / whale ratio – the top ten inflows to the stock exchanges in relation to total inflows – showed a significant increase from mid-October.

Exchange rate to whale ratio vs. currency reserves vs. BTC / USD chart. Source: Ki Young Ju / Twitter

Binance is again resisting the downward trend in the currency balance sheet

Nonetheless, there is a dichotomy – whales can sell, but overall the BTC balance on the exchanges continues to decline.

Related: Bitcoin Only Needs To Break $ 64,000 To Hit New All-Time Highs – Analyst

Buyers ‘appetites are rising to satisfy sellers’ supply, and this explains the relative stability of BTC price movement over the week, argues Ki.

“Bitcoin holds over $ 60,000 in support despite whale dumping … Exchange reserves are diminishing, resulting in less supply on the exchanges,” he added.

Separate figures from data firm Coinglass show that Binance is an exception to the November 5th trend, its reserves soaring 2,141 BTC in the 24 hours leading up to press time. However, this in itself is not uncommon, as Cointelegraph reported last month.

Bitcoin exchange balance sheet chart. Source: Coinglass

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