The price of Bitcoin has reclaimed $15,500 on Nov. 11 after whales sold the highest amount of BTC since March.
In the past cycles, the dominant cryptocurrency typically rallied after a sell-off from whales.
Why does big Bitcoin sell-off indicate a bull trend?
Bitcoin whales, or high-net-worth individuals who hold large amounts of BTC, do not necessarily short BTC because they are bearish.
While the Bitcoin market has become more evenly balanced among retail traders, institutions, and whales, high-net-worth individuals still impact the market.
Ki Young Ju, the CEO at CryptoQuant, emphasized that Bitcoin has historically rallied after "Victim whales" deposit BTC to exchanges.
Bitcoin has seen extreme volatility in the past week, possibly as a result of whales taking profits.
Every major dip was aggressively bought up by other whales and retail investors.
According to Glassnode's data, the number of active Bitcoin addresses achieved a multi-year high.
Daily active addresses is an important on-chain metric for Bitcoin because it could indicate two key trends.
Bitcoin price reclaims $15.5K after whales sell the most BTC since March
gepubliceerd op Nov 11, 2020
by Cointele | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.