Bitcoin May Face Some Short-Term Selling Pressure as Coinbase Whales Deposit

Ki Young Ju, the CEO of crypto data platform Crypto Quant, recently noted that the cryptocurrency could face a correction amid an increase in whale deposits to exchanges. He noted that per his data, the percentage of whale deposits into Coinbase addresses has increased, suggesting there are big holders looking to sell: “Too many $BTC whales on #Coinbase.

I’m still long-term bullish, but we might face some corrections or sideways until whales become inactive on spot exchanges. *Exchange Whale Ratio is the relative size of the top 10 inflows to total inflows.

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