Ki Young Ju, chief executive of CryptoQuant, has tweeted that the largest Bitcoin deposits to exchanges at the moment are being made by crypto whales who are sending BTC to sell.
Whales moving a lot of BTC to exchanges to sell
He has tweeted that the majority of incoming transactions to crypto exchanges are being made by large Bitcoin holders, aka whales. The top 10 deposit transfers have brought 90% of the overall volume in one hour.
However, Bitcoin manages to hold above the $60,000 level.
Meanwhile, Bitcoin is not remaining for a long time on exchanges; it is being withdrawn by investors to cold wallets for long-term storage. And by now, it has reached a three-year low of 2,449,773.473 BTC.
That is approximately 13% of the whole Bitcoin supply that is currently in circulation.