Bitcoin might just be gearing up for another big surge. Data from the onchain analytics firm CryptoQuant has caught something interesting this February: whale transactions to exchanges are hitting levels we haven’t seen in nearly five years. This pattern, if history is any indicator, often signals that Bitcoin’s price could soon skyrocket.
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Try Watching the Whale Exchange Ratio
A particular metric to watch is the Whale Exchange Ratio, which measures the size of the top 10 inflows to exchanges against all inflows. On February 12th, this ratio hit 0.46, a jump from the 0.36 noted in mid-December when Bitcoin was flirting with all-time highs. According to CryptoQuant’s recent analysis, “Since late 2024, this metric has seen a robust upward surge, though its momentum has slightly moderated over the past two weeks without a definitive reversal,” says Grizzly, a contributor at CryptoQuant.
Miners also Join the Bullish Signals
Not just whales, but Bitcoin miners are showing bullish signs too. After six months of nearly continuous sell-offs, miners are now holding onto their coins. This could indicate a possible “capitulation” phase. Such phases are often seen as market bottoms, setting the stage for potential rallies.
At the time of writing, Bitcoin is sitting at $96,235.40.
