An in-depth analysis of Whales' Exchange Ratio in the Spot Market.

An-in-depth-analysis-of-Whales-Exchange-Ratio-in-the-Spot-Market

Based on the hourly price chart and 72HMA data, a clear picture of this ratio is relative to BTC's bull and bear phase.

Stage 1: When the market was bullish, the Whales' Exchange Ratio mainly was between 0.8 and 0.85

Stage 2: Once the average amount of bitcoin deposited into spot exchanges is so active, this ratio would be heated up, crossed, and kept at the 0.85 to 9 levels, and the market enters a prolonged bearish phase. There are dead cat bounce patterns to chop up the price until the strongest capitulation occurs.

Stage 3: The ratio will cool off and go down to the range of 0.85 - 0.9 for many market-maker tests. If the market gets solid and healthy, this ratio continues to cool down and stays between 0.8 - 0.85; we will be sure to back to bull again.

In the current trend, it is clear that the W-E-R is still in the danger zone, and there are no apparent signs of cooling down.