Cryptocurrencies

Bitcoin (BTC) whales have been unleashed since Christmas – Cryptocurrencies

whales buying bitcoin christmas

Prior to the buzz of institutional investors for buying Bitcoin, analysts were very interested in the behavior of Bitcoin’s whales in the market. Observing them again over the past few days, it was noticed that they were massive asset purchases since Christmas. This finding suggests that wealthier investors continue to consume the Bitcoin supply available in the market despite its recovery. An astonishing trend to which analysts provide some answers.

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Reasons whales keep buying more Bitcoin

1000 BTC, that’s the minimum amount of assets to have in your wallet to be considered a whale by analysts. The reason is quite simple, freezing so much Bitcoin is currently equivalent to nearly $ 27 million, savings not many people have. Bitcoin holders who meet this criterion have bought approximately $ 647 million worth of Bitcoin, according to analysts at Santiment. “In the last 48 hours since Christmas, Bitcoin addresses with $ 1,000 or more in BTC now hold 0.13% more of the supply than previously smaller addresses. That’s around 24,158 BTC »Specify the latter.

Along with this observation, Ki Young Ju – CEO of CryptoQuant– points out that there are fewer whales selling their assets on major exchanges. ” BTC’s whales appear to be sold out. Fewer whales deposit on the purses. I think this upward trend will continue as institutional investors continue to buy and the whale exchange rate remains below 85% He asserted. The fact that the latter firmly believe that the psychological barrier at $ 30,000 will break in the short term is one explanation for the accumulation they make of it. The second explanation is thatthere is currently no solid reason to anticipate a major correction to come except for the high rate of financing on the futures markets.

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The short term trend is one of great consolidation

One of the market certainties is that the funding rate will normalize if Bitcoin continues to consolidate after each recovery. As the derivatives market stabilized in the process, we would probably see a new rally in asset prices. This scenario is more and more considered by analysts with regard to the trends of the American and Asian markets.

Spearheading Bitcoin Price Rise In December, The United States Is Currently Experiencing lower demand from buyers. Bitcoin is trading slightly lower there than in Asia, where it is time to buy, as well as in the asset derivatives market. A continuation of this trend could lead Bitcoin to consolidate for longer with lower volatility.

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While it is difficult to clearly distinguish between whale and institutional wallets in the market, it is clear that both currently swear by Bitcoin. It remains to be seen whether there will be enough BTC for everyone with the pressure that institutions exert on the available supply.

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