Bitcoin (BTC) price has been relatively stable over the past few days. Many analysts find this market move interesting, in a context where most cryptocurrencies are declining. While wondering what this low volatility hides, analysts have noticed some strange whale trading.
What are the whales doing in the Bitcoin (BTC) market right now?
Recent data indicates that whales are increasingly depositing BTC tokens on cryptocurrency exchanges. For some analysts, this situation heralds high volatility in the Bitcoin market. Therefore, we can soon notice a significant movement in the price of BTC, which is currently stable. Bitcoin has been hovering around $19,000 for quite some time.
Data From CryptoQuant suggests it Whales are very active. They I recently sent a large amount of BTC to select exchanges. It was the holders of 100 to 1000 BTC who performed the respective transactions. According to a CryptoQuant analyst, “Whales Want Bitcoin (BTC) Price Drop“.
“By transferring wallets containing 100 to 1000 bitcoins in bulk to select exchanges […]the price can go down and the distribution can be on different portfolios“, the analyst confirmed. He explained that on the negative side he expects “for a negative scenarioAdding that he was warned.
Same scenario as in September 2022?
In September, a few hours after to merge From Ethereum, massive inflows of BTC have been observed on exchanges. A CryptoQuant analyst said: “Minor remittances to spot exchanges totaled 10.4537 as of September 14, 2022, higher than recent peaks in secondary remittance activity. Stable values above 10 were last recorded in July and August, before the local decline in BTC.»
According to a CryptoQuant analyst, oftentimes when miners transfer large amounts of BTC to spot exchanges, it is associated with post pressure. These movements indicate that the miners are more willing to sell, which usually leads to a decrease in the price of Bitcoin. However, some analysts explained that the miners’ relocations mainly indicated that they were preparing for post-merger market turmoil.
At the moment, most cryptocurrency investors are afraid. They no longer know which way to turn, between accelerating inflation and a bitcoin market showing signs of a peak in volatility ahead.
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Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only fueled my enthusiasm. So I decided to study and understand the blockchain and its many uses and pass on my pen information related to this ecosystem.