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Old Bitcoin whales are on the move.
In a tweet earlier today, CryptoQuant CEO Ki Young Ju revealed that 8-year-old 15k BTC had been transferred over the last ten days, confirming that some have landed on Crypto exchange Kraken.
“8-year-old 15k Bitcoin moved across ten days, and some of them were sent to Kraken,” Young Ju writes.
8-year-old 15k #Bitcoin moved across ten days, and some of them were sent to Kraken. https://t.co/ZD22chJKwb https://t.co/dHtzAi13rD pic.twitter.com/jj1dQClsBU
— Ki Young Ju (@ki_young_ju) September 7, 2022
Bitcoin Exchange Deposits Rise
Notably, today, CryptoQuant analyst Maartun highlights that before Bitcoin’s 5% drop during the Asian trading session, there was a sharp increase in the exchange whale ratio, indicating that more whales are sending their Bitcoin to exchanges. Furthermore, the shared chart by the analyst indicates that 90% of deposits on exchanges came from whales just before the price drop. According to Maartun, while concerning, it is typical of bear markets.
Whales are depositing on Exchanges 🐳
"Just before the 5% drop of #Bitcoin, Exchange Whale Ratio was increasing."
by @JA_MaartunRead More👇https://t.co/2Fc4B4gI5s
— CryptoQuant.com (@cryptoquant_com) September 7, 2022
In an August report, CryptoQuant disclosed that these old Bitcoin whales represented three categories of people; visionaries, miners, and criminals. The analysis firm notes that Old Bitcoin on the move is usually a bearish signal.
It bears mentioning that Bitcoin has recently been under significant selling pressure. One of Bitcoin’s largest whales sent over 200k Bitcoin to exchanges on Monday. Additionally, another whale sent a 9-year-old 5k Bitcoin to Kraken on the same day. Meanwhile, last Friday, Bitcoin analyst Ali Martinez disclosed that miners were still dumping their holdings as they sold over 4k BTC in 72 hours.
CryptoQuant, in an analysis last Friday, noted that Bitcoin could still plummet by 28% to find a bottom at its delta price, which the firm places at around $14,478. The firm notes that the market formed a bottom in 2015 and 2018 after the price tapped the delta price.
However, despite the increasingly bleak bear market metrics, some positives exist. On Monday, Glass node revealed that the dormant Bitcoin supply had reached a new all-time high. While increased holding is a characteristic of a bear market, it also indicates that Bitcoin may have attained new believers willing to ride out the bear market storm.