A bright red bear market alarm was sounded in the crypto community recently. As per data projections shared by CryptoQuant, the whales holding Bitcoin are dumping the flagship cryptocurrency in massive quantities. The CQ analytics tweeted recently that more than 14500 Bitcoin has been sent to the Binance exchange by whales.
This massive amount of Bitcoin was removed from cold storage and sold on Binance in a matter of an hour. Since May, this Bitcoin dump is the greatest sell-off for the beacon coin thus far. At the current price tag, this amount of Bitcoin is valued at $456,801,367or, roughly half a billion dollars.
The current inflow of Bitcoin has already started to make ripples of volatility in the market. A few days ago, crypto analytic services like Santiment and Glassnode proclaimed that massive Bitcoin reserves were transferred to cold wallet storage. These reports postulated that bulls were trying to gain control of the market by increasing the buying pressure.
However, after the recent discovery made by CryptoQuant, it seems that the bears are back in action. CQ report indicates that whales were offloading their Bitcoin reserves on Binance and other crypto exchange platforms. The immediate impact of this massive dump reflected on the price movement as Bitcoin went from $32,500 to $31,175. For now, Bitcoin price has recovered as the flagship cryptocurrency is trading for $32,069 at press time.
Has Bear Run Started?
Ki-Young Ju is the CEO of CryptoQuant data analytics service. In a recent tweet, he claimed that it seems like that the bear market has officially started. He also shared an article link where several detailed charts for the whale Bitcoin dumping were shared.
Young Ju further added that the selling pressure for Bitcoin seems to be increasing. Among other data projections, Young Ju also noticed that the Whale ratio for Bitcoin has increased to 0.59. The Bitcoin Whale Ratio is an index that shows that the ten biggest Bitcoin deposits and withdrawals from trading forums. A surge in this ratio is a technical confirmation that the selling pressure for BTC is on the rise.