A crypto analyst highlighted significant Bitcoin inflows to crypto exchanges from whales, who are still holding back on making any major moves.
Bitcoin whales are standing on the sidelines with their holdings as Bitcoin continues to tease and retrace as it hovers just below $100,000, according to a crypto analyst.
“Although there is currently no immediate selling pressure, the rising inflow of Bitcoin into exchanges highlights a potential risk of future sell-offs,” CryptoQuant contributor Onat Tütüncüler said in a Nov. 2 analyst note. “As such, these movements should be closely monitored to anticipate any possible market impact.”
Tütüncüler noted a significant inflow of Bitcoin to crypto exchanges since Donald Trump’s presidential election win on Nov. 5. While large transfers to exchanges typically signal an impending sell-off to market participants, this hasn’t been the case here, suggesting that whales are taking a “wait-and-see” approach instead.
