Hello people!
I bring you latest news about the movement of bitcoin whales.😁
According to Whale Alert, during this week, the whales have moved a total of 98,672 BTC through 65. Apparently, the whales sell their Bitcoins quickly. At the same time, the value of Bitcoin has fallen below $30K. Is there a connection? Let's see.
Analyzing Bitcoin Whales Trends: Why Are They Selling Their Tokens?
First of all, the predominant trend of the Bitcoin whales is the introduction of liquidity to the market, at least in terms of mobilized BTC. Specifically, 58,410 BTC have passed from unknown wallets to exchanges since the beginning of the week (59.19% of the total).
Next, the second strongest trend has been the accumulation of BTC. Thus, we have that 26,228 BTC passed from exchanges to unknown wallets in this time. With this, it represents 26.58% of the total.
In third place, we place the transfer between exchanges, with 14,034 BTC (14.22% of the total). Finally, it should be underlined that no transactions between unknown wallets were recorded.
How does this whale activity relate to cryptocurrency performance?
At press time, the leading cryptocurrency is worth $29,103, which represents a loss of 3.30% of its value in the last 24 hours. However, so far this week this reality has not changed much.
Bitcoin's short-term realized volatility remains elevated as the cryptocurrency struggles to maintain the $30,000 price level. And implied volatility (based on the expectation of market movement over a week) was up on Wednesday. This suggests that price action could remain choppy as traders react to macroeconomic risk and stablecoin market turmoil.
That is why we see that the whales seem to want to make the most of their tokens, however, this may reach a limit. Currently, the options market places a 66% chance that BTC will trade above $25,000 in June, according to data provided by Skew.
Other Signs
Even the options market data continues to show a greater demand for put options compared to calls. This means that traders are actively hedging the risk that prices continue to decline.
Likewise, the 50-day moving average of the relationship between the volume of purchases and that of sales has decreased in the last two months. In that case, we would be talking about persistent selling pressure, which is reflected in the activity of the Bitcoin whales as well.
💪✌️🤙
Fortunately/luckily this does not affect me. I intentionally avoid using Bitcoin (BTC) since the previous few years. And I am not planning to use it again in the near future either.
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