Bitmex exchange, approximately 10 years old, houses a significant number of whales. Following sharp increases in Ethereum reserves, noticeable decreases in ETH price are observed. Additionally, on September 28, there was a sharp decline in Bitmex exchange reserves, followed by an increase in ETH price.
This can be interpreted as follows:
When Bitmex Ethereum whales buy through Bitmex, we observe a decrease in reserves. Conversely, when they sell, we see an increase in Bitmex reserves.
Written by BlitzzTrading