BinhDang2022-12-07

The Whale Exchange Ratio data sharply dropped in the last quarter of this year.

If we look at the data from 2018 to the present, we can see that this data's periods & average tempos correspond to long-term upside or downside. Example: At the end of 2018, when BTC began to fall deeply, marking the entry of a bear market, the 7D moving average and 90D momentum steadily increased, peaked, & began to cool as the bottom price appeared. Then repeat for a short while and cool down completely when BTC nears the last cycle's peak. After reaching nearly its peak in 2021, this data accelerated the ascending trend & only stopped at the end of Q3 this year. It cools down continuously, even during the FTX swan event phase. This drop shows that large entities also deny risks and shrink trading volumes. While it is impossible to say that Bitcoin has recorded the lowest price of the bear season, at least the level of volatility will decline as the data cools down and possibly marks the most active accumulation phase for a new beginning.