The price of bitcoin (BTC) has remained relatively stable over the past few days. This market movement is of interest to many analysts, in a context where most cryptos are falling. While wondering about this hidden low volatility, analysts noticed some strange whale trades.
What are whales doing in the bitcoin (BTC) market right now?
Recent data shows that whales are depositing more BTC tokens on crypto exchanges. For some analysts, this situation indicates high volatility to come in the bitcoin market. We could therefore observe a large movement in the price of BTC, which is currently stable. Bitcoin has been hovering around $19,000 for some time.
Details from CryptoQuant revealed that the whales are very active. they recently launched a huge amount of BTC to spot exchanges. The transactions concerned were mainly made by holders of 100 to 1000 BTC. According to CryptoQuant analysts, “whales are trying to fall in the price of bitcoin (BTC).“.
“By transferring a wallet containing between 100 and 1000 bitcoins in large quantities to see exchanges […]the price could push lower and it could be a distribution to different portfolios“, he emphasized the analyst. He clarified that on the downside he expected “with negative caseadding that he is cautious.
The same situation as in September 2022?
In September, a few hours from the Ethereum Merger, we noticed a huge inflow of BTC on the exchanges. A CryptoQuant analyst said: “The value of small moves to spot exchanges is 10.4537 as of September 14, 2022, higher than recent peaks in small move activity. Stable values above 10 were last recorded in July-August, before the local BTC fall.»
According to the CryptoQuant analyst, quite often when miners transfer large amounts of BTC to spot exchanges, it is linked to subsequent pressure. These movements indicate that miners are more willing to sell, which usually causes the price of BTC to fall. However, some analysts explained that the miners’ moves mainly reflected that they were preparing for market turbulence after the Merger.
Currently, most crypto investors are afraid. They no longer know which way to go, between ever-increasing inflation and the Bitcoin market showing signs of peak volatility in the future.
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Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and share my pen knowledge related to this ecosystem.
