Monday, September 25, 2023
HomeCrypto‘Monster bull move’ means whales could secure the next Bitcoin price surge

‘Monster bull move’ means whales could secure the next Bitcoin price surge

Bitcoin (BTC) Whales are the focus of attention this week. This is because buying and selling habits divide the BTC price story.

New findings from on-chain analytics companies CryptoQuant Show that derivative investors are leading the way when it comes to bullish bets on Bitcoin.

“Ill” BTC price index supports bullish

In the second half of November, the trading ratio of Deribit, the leading derivative trading platform, rose significantly. By contributing to analyst Cole Garner, this is a sure sign that price behavior will react positively in the short term.

“I recently discovered that the ratio of perpetual market buying and selling on the Derivit Exchange is a leading indicator of illness,” he commented.

“This is a 30-day WMA. The strong bullish trend of the metric precedes the trend of all the strong bullish prices of this bullish. And it just printed the movement of the monster bull.”

Data is tied to Other recent observations From the exchange against the backdrop of continued interest in whales through price adjustments from record highs.

Exchange reserves are currently at their lowest in four years. That means BTC on the exchange’s books is lower than at any point since 2017’s record high of $ 20,000.

Bitcoin exchange reserve chart. Source: CryptoQuant

Supply pressure to BTC position

However, the inside out is on Stablecoin. Their redemption hit a record high this week, meaning that whales are hedging their exposure to BTC.

Related: “I think BTC is ready” — 5 things to watch out for in Bitcoin this week

“The redeemed Stablecoin index indicates ATH (All Time High). I don’t know if whales are cashing out ahead of market volatility in response to the December 16 FOMC announcement, That’s one of the uncertainties, “said Dan Lim, contributor to CryptoQuant. Explanation..

“So far, we are still paying attention until some uncertainties have been resolved.”

Screenshot showing stable redemption spikes. Source: CryptoQuant

This week, the Federal Reserve Board will meet to signal the future of quantitative easing in the form of asset purchases. This can have equally widespread consequences for the macro and crypto markets.