Analytics Firm CEO: Bitcoin Outflow to Exchanges Suppressed
The CEO of CryptoQuant, Ki-Young Ju, notes that the Bitcoin price is likely to remain supported in the medium term as whales are keeping off crypto exchanges despite recent price gains. Their mean exchange inflow metric--which measures the amount of Bitcoin entering exchanges, is within the low-risk zone, suggesting lower chances of a sell-off.
Whales and miners have the power to change immediate and medium-term price trajectories. Depending on the market state, the more they keep off from exchanges, the more bullish the Bitcoin price is. The confirmation from the on-chain analytics firm based on data derived directly from the blockchain network at a time when the Bitcoin price is trending higher, points to a possible trend continuation, likely to above $12,000.
Impact on the BTC price:
Bullish. Whales and miners are holding their stash in anticipation of better prices. Combined with a Bitcoin market that’s trending higher, chances of a bull run above critical sell walls remain elevated.
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