Bitcoin (Bitcoin) As whales begin to behave like never before, analysts are focusing on short-term fluctuations.
The latest data shows that whales are not only very active in the market-they have been moving record amounts of BTC.
Whale activity surpasses Bitcoin’s all-time high
Although the price of BTC fluctuated within a narrow range, Plain range At about $40,000, a large number of Bitcoin investors are not calm.
In recent weeks, these whales have transferred more tokens on the network than ever before—even exceeding the historical high of BTC/USD of $60,000 and above.
Transactions involving US$10 million and above have recently reached more than US$10 billion.
Whales have been moving in record numbers #Bitcoin The last two weeks.
The total transaction value of more than 10 million US dollars has been kept at ATH recently.
It is even higher than the price of 550,000-60,000 US dollars. pic.twitter.com/FXvcCPPl57
-Lex Moskovski (@mskvsk) September 28, 2021
Further analysis of its behavior shows that different types of whales have shown different reactions to recent price events.
The “smaller” whales have been selling off, while the largest number of investors have increased their positions on the contrary, data from the on-chain analysis resource Material Indicators disclose this week.
“Whales sell BTC, giant whales buy, and purple whales are another buy order,” the researcher commented next to the BTC/USD trading level chart.
“If you want to understand these whale games, look at the thin liquidity they are trying to play upwards.”
The current spot price level is relatively lacking between US$42,000 and US$46,500, and BTC/USD has repeatedly refused to go above US$44,000.
Expect “fast and unstable” Bitcoin to be less than $40,000
At the same time, further whale data warned that price fluctuations may come.
related: As BTC fell below $43,500, the bearish Bitcoin fractal with a success rate of 78% flickered
The “Exchange Whale Ratio” tracks the scale of the top ten exchanges’ inflows relative to the scale of other exchanges, and is approaching the level that caused unstable price movements in the past.
“So usually, we can think of it as a short-term sell-off, but since we are in a key area, we need to make sure that the price stays above 40,000,” on-chain analyst CryptoQuant Comment As part of Tuesday’s update.
“Price movements below 40K may be fast and volatile.”
As Cointelegraph Report, If BTC/USD loses the support of US$40,000, it is expected that US$36,000 should form a clear bottom.
