Bitcoin whales move ‘record’ BTC value as metric sounds alarm over price volatility

Analysts of Bitcoin (BTC), are focusing on short-term volatility, as whales exhibit unprecedented behavior.

New data has shown that whales are not only highly active on the markets, but they have also been moving record numbers of BTC.

All-time highs in whale activity surpass Bitcoin

Large-volume Bitcoin investors remain calm despite the fact that BTC price action has remained in a narrow, uninspiring range around $40,000

These whales have been moving more coins around the network in recent weeks than ever before, even more than at all-time highs of BTC/USD of $60,000 and higher.

Recent transactions involving more than $10 million have surpassed $10 billion.

Last two weeks, whales moved record amounts of #Bitcoin. The ATH has maintained a total transfer volume of $10M+ transactions lately. It’s higher than the $55-60k price. pic.twitter.com/FXvcCPPl57
— Lex Moskovski (@mskvsk) September 28, 2021

Further analysis of the whales’ reactions to price changes has shown that they have all responded differently.

According to Material Indicators, the data shows that “smaller” whales are selling while large-volume investors have added to their positions.

Researchers commented on a chart showing the buy and sell levels of BTC/USD.

“Look at the liquidity they use to play the upside if you want to understand the whale games.”

BTC/USD chart vs. Bitcoin whale exchange activity Source: Material indicators/ Twitter

BTC/USD has repeatedly rejected above $44,000 to show that there is relative resistance between the current spot prices of $42,000 and $46,500.

Bitcoin is “fast and volatile” below $40,000

Further whale data suggests that volatility in prices may be a possibility.

Related: Bearish Bitcoin Fractal Flashes with 78% Success Rate as BTC Drops Below $43.5K

The “exchange whale” ratio, which measures the relative size of top ten exchange inflows to the rest, is nearing levels that have caused unsettled price movements in the past.

“So normaly, we can consider it a short-term selling however, since we are in crucial areas, price must stay above 40K,” CryptoQuant, an on-chain analyst, said as part of an update Tuesday.

“Price movement below 40K could become volatile and fast.”

Annotated chart of the Bitcoin exchange whale ratio. Source: CryptoQuant

Cointelegraph reported that the consensus is that $36,000 will be the floor for a BTC/USD loss of $40,000 support.

https://cointelegraph.com/news/bitcoin-whales-move-record-btc-value-as-metric-sounds-alarm-over-price-volatility

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Donna Burk

Donna Burk– Business News My Name is Donna Burk and I am also the main source from the ‘Dailynewssheet.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami