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Bitcoin exchanges see large deposits despite BTC reserves hitting 3-year lows
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Bitcoin (BTC) whales are moving large amounts of coins to exchanges in tandem with large outflows, curious new data shows.
According to the exchange whale ratio indicator from on-chain analytics firm CryptoQuant, large transactions have accounted for over 90% of recent exchange deposits.
In a marked change from previous behavior, over the past week, whales have become much more active prospective sellers on exchanges.
The exchange whale ratio, which measures how large the top ten deposits to exchanges are relative to all deposits, is sounding the alarm.
"Whales are depositing BTC to exchanges," CryptoQuant CEO Ki Young Ju summarized.
The data presents an interesting counterpoint to the current narrative involving whales.
As Cointelegraph
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