Bitcoin (BTC) whales are the center of attention again this week equally big transactions flow dorsum to exchanges.

Data from on-concatenation analytics platform CryptoQuant on Dec. 24 shows that relatively, whales are increasing their presence as potential sellers.

Action stations as Bitcoin climbs to $51,000

According to CryptoQuant's Exchange Whale Ratio indicator, the proportion of large inflows to exchanges out of total inflows is now at a one-twelvemonth high.

Inflows sped up significantly equally BTC/USD rose to $51,000 overnight on Thursday, and the implication could exist that large-volume investors plan to take profits at the top end of Bitcoin'southward electric current range.

"It is better to watch out until BTC breaks $51k levels," one CryptoQuant analyst cautioned.

"In one case we surpass this level next meaning resistance will exist effectually $56,8k."
Exchange Whale Ratio vs. BTC/USD annotated chart. Source: CryptoQuant

Despite misgivings, Bitcoin managed to preserve its higher levels into Friday, these previously forming a central line in the sand for bullish sentiment to return.

Never mind the inflows?

Whales, meanwhile, are not new potential sellers. As Cointelegraph reported earlier in the month, larger investors have diverged from smaller retail hodlers in terms of buying behavior.

CryptoQuant and others confirm that this is all the same the case, with substitution withdrawals conversely reflecting "peak accumulation" similar to September earlier the breakout to $69,000 all-time highs.

Related: Missed out on hot crypto stocks in 2022? It paid just to purchase Bitcoin and Ethereum, data shows

Miners, too, are holding onto their newly released coins from cake subsidies, with their reserves now at vi-calendar month highs.

"Miners own more BTC than when BTC was at $69k, in fact, they added dorsum all the BTC they cyberspace distributed since the drop from $69k," contributor Venturefounder noted.

Bitcoin miner reserve vs. BTC/USD annotated nautical chart. Source: CryptoQuant