Bitcoin News
By Sakamoto Nashi
1 / 15
Bitcoin’s recent whale activity has raised concerns about potential selling pressure, as the cryptocurrency’s Exchange Whale Ratio (EWR) has surged to a yearly high.
2 / 15
According to CryptoQuant, a leading analytics provider, the increase in Bitcoin’s EWR suggests that large players are actively transferring their assets to exchanges.
3 / 15
Bitcoin’s price peaked at $106,128 in December 2024 but has since fallen by around 20%, reaching $84,619 as of March 2025.
4 / 15
The Divergence Between Whale Activity and Price Action
5 / 15
A closer look at Bitcoin’s price action reveals a divergence between whale activity and price movement.
6 / 15
In December 2024, the EWR reached 0.36, marking a period of increased whale inflows even as Bitcoin’s price retreated.
7 / 15
Shifting Netflows: A Sign of Redistribution
8 / 15
Along with rising EWR, Bitcoin’s exchange netflows have shown a shift from bullish outflows to signs of redistribution.
9 / 15
On November 24, 2024, as Bitcoin approached $68,000, exchange netflows surged to +7,033 BTC, indicating that some large holders were beginning to take profits.
10 / 15
Following the peak, Bitcoin’s netflows have been volatile but not outright bearish. Moderate outflows combined with the high EWR suggest that whales are still shifting coins to…
11 / 15
The Role of the Net Unrealized Profit/Loss (NUPL) Ratio
12 / 15
The Net Unrealized Profit/Loss (NUPL) ratio, another important metric, provides insight into overall market sentiment.
13 / 15
However, by March 2025, the NUPL ratio dropped to 0.480, reflecting a phase of profit realization.
14 / 15
Bitcoin’s Market Balance: Distribution or Resilience?
15 / 15
While Bitcoin’s whale activity and netflows point to potential redistribution, the market is still holding steady.
The Currency Analytics
Want the full story?