Main navigation

More Bitcoins to Exit Market; Whale Manipulation in Play?

Tue, 10/11/2022 - 22:00
article image
Wahid Pessarlay
Percentage of BTC held on exchanges drops to a four-year low of 8.7% in October as whales have been accumulating
More Bitcoins to Exit Market; Whale Manipulation in Play?
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

According to data from the crypto market analytics platform Santiment, the percentage of the circulating supply of Bitcoin (BTC) held on crypto exchanges has dropped significantly so far in October.

With more and more coins getting transferred out of exchanges, the trading venues now hold only 8.7% of the circulating supply of BTC. This matches levels last seen in November 2018, Santiment notes. 

In contrast, the data shows that the supply of Ether (ETH) on exchanges saw an upsurge before the Merge last month. ETH held on exchanges stands at 14.5% of its circulating supply. While this is still relatively high, it is a drop from around 16% reached late last month during the merge hype. 

What is the likelihood of whale manipulation? 

The trend in the supply of the two leading crypto tokens ties in with increased whale activity in their markets. As previously noted by Santiment, whale wallets holding between 100 and 10,000 BTC cumulatively added 46,173 BTC in a one-week period ending October 5. 

The trend was noted as a rarity for the market in 2022. Similarly, an analyst on the CryptoQuant platform alleged that ETH whales may have been manipulating the market with their exchange activities.

However, the argument stands debatable as despite the exchange exodus the prices of BTC and ETH have continued to swing. BTC is trading at around $19,000, down 6.2% in the last week. Similarly, ETH is trading at about $1280, down 5.5% in the same time frame per data from CoinMarketCap.

article image
About the author

Wahid is an experienced writer, interested in everything decentralized since 2019.

Before joining U.Today, he wrote for some of the top DeFi and CeFi outlets, bringing in millions of views and educating readers with his knowledge of the industry.