On-chain data indicates a sharp increase in the Bitcoin Exchange Whale Ratio, signaling that large deposit transactions are now dominant. This metric measures the ratio between the sum of the top 10 exchange inflows and total exchange inflows. A high ratio suggests whale entities are making up a large share of deposits, often a precursor to distribution.
Recently, the 30-day SMA of the Bitcoin Exchange Whale Ratio has surged to 0.6. This means the ten largest deposit transactions alone constitute 60% of exchange inflow volume. This trend emerged as Bitcoin saw a dip to $60,000 and has persisted even as the asset stabilized.
Separately, the Bitcoin Inter-exchange Flow Pulse (IFP), which tracks flows between spot and derivatives exchanges, has also shown a trend flip. After a period of decline suggesting reduced speculative activity, the IFP has crossed above its 90-day SMA, implying a potential comeback in derivatives flows.
At present, Bitcoin is trading around $68,400, showing a modest increase over the past week.