Binance's Bitcoin Exchange Whale Ratio has hit an all-time high, raising concerns about potential selling pressure in the market. According to CryptoQuant analyst CryptoOnchain, the 100-day simple moving average of Bitcoin's Exchange Whale Ratio on Binance reached a record high of 0.494. This metric tracks the proportion of top 10 exchange inflows compared to total exchange inflows.
A higher reading indicates that large wallets are making up a larger share of deposits on the platform, which could be indicative of selling or margin use. The analyst notes that this long period of heavy whale deposits on Binance may reflect selling pressure in the market.
Meanwhile, Market analyst Ali Martinez points out that Bitcoin is currently testing its Short-Term Holder Realized Price near $79,300, which represents the average cost basis of investors who bought BTC in the past 155 days. If Bitcoin fails to break above this level and close above $80,000, it could lead to a decline towards the macro floor near $65,000.