Bitcoin has gained the attention of market analysts after flashing a concerning signal in its whale exchange ratio as large holders appear to be increasingly moving their tokens.
Crypto analytics platform Cryptoquant shared the data after Bitcoin initially showed signs of a potential breakout. With this metric, the asset may suspend its potential price breakout.
Bitcoin records largest inflow in April
According to data provided by the source, Bitcoin recorded a net exchange inflow of +9,905 BTC on April 27, marking the largest single-day inflow seen in the past 30 days.
The surge in the Bitcoin exchange inflow has been followed by a broad slowdown in momentum as its price struggled to secure a decisive breakout past the $78K–$79K level.
Market watchers consider this concerning as the asset has previously seen multiple weeks of consolidation which could have fueled a breakout to the key $80,000 level.
While Bitcoin has yet to note any major breakthrough in its trading price, it is trading around $77,738 as of the time of writing with a modest gain of 1.58%.
Bitcoin exchange whale ratio hits 0.707
Further data showcased by the source shows that large holders might have begun to trade with caution as the Bitcoin Exchange Whale Ratio surged to 0.707 on the same day.
While this marked the highest reading in over a week, it shows that the top 10 largest transactions accounted for over 70% of total inflows, suggesting that large Bitcoin holders were actively moving funds onto exchanges on that day.
With the exchange whale ratio metric, market watchers predict that whales might be preparing for distribution, especially in a period of resistance like this.
Dan Burgin
U.Today Editorial Team
