Bitcoin needs to clear $51K to reduce the chance of new sell-off from BTC whales

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Bitcoin needs to clear $51K to reduce the chance of new sell-off from BTC whales

Analysis warns that large-volume transactions are hitting exchanges as BTC price action improves.

Bitcoin needs to clear $51K to reduce the chance of new sell-off from BTC whales

Bitcoin (BTC) whales are the center of attention again this week as large transactions flow back to exchanges.

Data from on-chain analytics platform CryptoQuant on Dec. 24 shows that relatively, whales are increasing their presence as potential sellers.

Action stations as Bitcoin climbs to $51,000

According to CryptoQuant’s Exchange Whale Ratio indicator, the proportion of large inflows to exchanges out of total inflows is now at a one-year high.

Inflows sped up significantly as BTC/USD rose to $51,000 overnight on Thursday, and the implication could be that large-volume investors plan to take profits at the top end of Bitcoin’s current range.

“It is better to watch out until BTC breaks $51k levels,” one CryptoQuant analyst cautioned.

Miners, too, are holding onto their newly released coins from block subsidies, with their reserves now at six-month highs.

“Miners own more BTC than when BTC was at $69k, in fact, they added back all the BTC they net distributed since the drop from $69k,” contributor Venturefounder noted. 

Bitcoin miner reserve vs. BTC/USD annotated chart. Source: CryptoQuant

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