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Top 10 Whales Move Biggest Amount of BTC Since September 2019

Over the weekend, there was a significant movement among the top 10 portfolios of whales, according to the Exchange Whale Ratio indicator. This movement represents the largest transfer of BTCs since September 2019 and was also reflected in the Fund Flow Rate, which surpassed the July 2020 mark.

The transfer of BTCs from the top 10 wallets is noteworthy because the number of wallets withdrawing from exchanges is at its lowest level since 2014. This suggests that these whales are moving their holdings to other wallets or storage solutions, potentially indicating a shift in their investment strategy.

Source: CryptoQuant

The significant outflow of BTCs from the top 10 wallets has also resulted in an increase in the SOPR (Spent Output Profit Ratio) indicator, indicating that these whales are taking profit. However, the question arises, what profit are they taking?

In recent weeks, the price-action in the weekly timeframe tested a significant historical resistance level, bouncing between the two all-time highs of 2021 at 28.6K. This is exactly where the market is currently testing with the new candle opening, adding further intrigue to this movement of whales.

It is worth noting that such large outflow movements are often followed by periods of high volatility in the market. However, when looking at the NETFlow, which allows us to follow both inflow and outflow, we see that the outflow is not being followed by a counter movement, which may lead to further downward volatility.

As a reporter, it is interesting to observe such movements among the whales, who hold a significant portion of the market’s assets. While the reason for this transfer of BTCs is unclear, it is clear that it will have an impact on the market and potentially lead to further price volatility. It is important for investors to keep a close eye on such movements and market trends to make informed decisions.

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