On-chain data shows the Bitcoin whales have ramped up their exchange outflows recently, a potential sign that big-money hands are accumulating.
Bitcoin Whale Exchange Outflows Have Hit The 3.2% MarkThe indicator doesn’t simply measure the total amount of outflows being made by entities of this size, however, but rather the ratio between them and the total BTC reserve sitting on exchanges.
On the other hand, the indicator going down suggests whales are reducing their withdrawals. Depending on whether they are ramping up inflows, this kind of trend can be either neutral or bearish for the cryptocurrency.
Now, here is the chart shared by CryptoVizArt that shows the trend in the 30-day simple moving average (SMA) of the Bitcoin Exchange Whales Outflow over the last few years:
As displayed in the above graph, the Bitcoin Exchange Whales Outflow has witnessed a surge recently, indicating that whales have been increasing their outflows relative to the exchange supply.
Currently, the 30-day SMA value of the indicator is sitting at 3.2%, which is the highest level since late 2024. The rise in the metric to this level has arrived as the cryptocurrency’s spot price has gone through a notable drawdown.
Given the timing, it’s possible that the outflows are an indication of dip-buying behavior from the whales. “This mirrors the structure seen in H1 2022, when whales accumulated for several months and in multiple waves, before the next bull market began,” noted the analyst.
BTC PriceBitcoin recovered above $71,000 earlier, but the coin has since seen a retrace as its price is now back at $68,000.
