Bitcoin whale sell-off could capsize BTC's voyage above $16,200

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Bitcoin has been shown resilience above $16,000, which has historically been a pivotal reversal point.

High-net-worth individual investors who hold large amounts of BTC, described as whales, prefer to sell when there is high liquidity.

On-chain data hints that a whale-induced sell-off is likely for BTC. Whales are holding more BTC than usual and there has been an increase in whale deposits to major exchanges.

These two data points show that the probability of a sell-off led by whales in the near term is high.

When the Exchange Whale Ratio indicator surpasses 85%, it indicates that a correction is likely.

Since the Exchange Whale Ratio is at around 85%, Ki said "Mass-dumping" is not likely but minor corrections would likely occur.

This data coincides with the report from Santiment which found the number of large Bitcoin whales hit a yearly high.

The analysts at Santiment suggested that the number of whale Bitcoin addresses holding over 10,000 BTC hitting 111 is a validation of whale confidence.

While this is true, it also means that the Bitcoin market currently has an unusually highest number of whales.

"Looking for validation that Bitcoin whales are confident in their assets? The number of addresses holding at least 10,000 $BTC has just matched a 2020 high of 111. Additionally, those with 1,000-9,999 $BTC are now just 6 below the ATH of 2,135 wallets."The future is less bright for altcoins.

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