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CryptoQuant: Whales show signs of ‘discharging’ Bitcoin

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CryptoQuant: Whales show signs of 'discharging' Bitcoin

CryptoQuant CEO Ki Young Ju recently issued warning signals that whales are expecting a drop in BTC.

In a recent tweet, the head of CryptoQuant said Bitcoin inflows into exchanges are increasing significantly. This is a sign that investors are prepared to sell BTC.

“The difference between the amount of BTC deposited and withdrawn from the exchange worries me. There has been a lot of Bitcoin pouring into exchanges lately but the trading volume is still relatively low. BTC needs more trading volume to digest this growing inflow,” said Ki Young Ju.

crypto quant

Ki Young Ju also suggested that people closely monitor whale activity on Hong Kong-based crypto exchange Bitfinex.

“If dumping happens again, it could come from Bitfinex. Most exchanges have digested most of the BTC outflow after the last drop, with the exception of Bitfinex. All eyes are on the whales on this floor,” warned CryptoQuant CEO.


Ki retweeted a chart from Whale Panda showing traders on Bitfinex taking short positions.

“Someone is establishing a large short position on Bitfinex. In the last few hours, 7,500 BTC short selling was added compared to just 1,500 BTC in a long position,” Ki said.

whale panda

Ki Young Ju notes investors are wary of whale activity. However, economist and crypto analyst Alex Krüger said that the spiked short positions on Bitfinex may just be a scam to scare traders away and initiate a “short squeeze” “large helps the price of BTC increase rapidly.

A “short squeeze” occurs when a sudden price increase forces short-selling traders to end their positions to cut their losses. This phenomenon forces short sellers to buy assets to avoid greater losses. This causes the price to go higher.

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