CentralCrypto2023-05-08

Whales in Big Movement.

This weekend we saw the whales in a big movement where the Exchange Whale Ratio indicator points to the biggest movement of the top 10 portfolios since SEP19. Movement also reflected in Fund Flow Rate where we surpassed the JUL20 mark. This movement of top10 whale's wallets are basically of BTCs being transferred because the number of wallets withdrawing from exchanges is at 2014 levels. This movement of whales (top10 wallets) transferring their BTCs. The number of wallets withdrawing from exchanges is at 2014 levels, minimum levels. Looking at the SOPR we saw that the indicator has jumped, indicating that these Whales are taking profit. But, what profit? In last few weeks, we reached a point where Price-Action in the weekly timeframe tested a great historical resistance which was the Bouncing between the two ATH of 2021 in 28.6K: Exactly where we are testing with the new candle opening! These large OUTFlow movements are usually followed by periods of high volatility in the market. But when we look at NETFlow, where we can also follow InFlow, we see in that case, OUTFlow is not followed by a counter movement, so we usually see this volatile in downward movements.