According to on-chain data, the Bitcoin exchange whale ratio has remained low, indicating that large investors have not been active in the market. The exchange whale ratio measures the ratio between the top 10 transactions to exchanges and the total exchange deposits in the market, with high values indicating that whales are making up a large percentage of the total inflows.
However, the ratio has remained relatively low for both spot and derivative exchanges, suggesting that these investors have not been depositing much to either platform. This trend has continued even after the recent cryptocurrency plunge, indicating that these investors may not be concerned about the current market conditions.
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