Bitcoin price dump 'not going to happen' as whales stay off exchanges

A Bitcoin sell-off and associated price fall are "Not going to happen," a well-known the CEO of a well-known analytics tool has said.

In a tweet on Oct. 12, Ki Young Ju, CEO of CryptoQuant, noted that average inflows to exchanges were staying low despite BTC price gains.

Mean exchange inflow measures how much Bitcoin is entering exchanges, with the implication that it could be used for selling or trading activities.

"All Exchanges Inflow Mean usually indicates how many whales are active on exchanges. Above 2 BTC is the danger zone, and we're still in the safe zone."

Bitcoin mean inflows vs. BTC/USD 1-month chart.

On March 9, a week before coronavirus caused a cross-asset price crash, exchange inflows passed the 2 BTC "Danger zone." Days later, around March 14, inflows hit a peak of almost 5 BTC. Bitcoin subsequently fell to $3,600.

CryptoQuant has also previously highlighted flows from miners contributing to Bitcoin price action.

BitMEX, Cointelegraph and Digital Assets Data figures confirm, does not hold as much market share for Bitcoin futures as it did in the past.

Bitcoin futures volume exchange comparison 1-month chart.

As various analysts noted, Bitcoin has thus broadly weathered the storm caused by the platform's problems, beating out resistance levels at $11,000.