After Christmas, more whales are buying bitcoin

Why do whales continue to buy more bitcoin? According to analysts at santiment, about $647 million of bitcoin could be transferred from small to large addresses. Holding more than 1000 bitcoins or more is considered a whale by many analysts, because at the current price of $27100, 1000 bitcoin is equivalent to more than $27 million. “In the past 48 hours since Christmas, addresses with 1000 or more bitcoin now have 0.13% more supply than the smaller addresses before,” analysts wrote. This is about 24158 bitcoins, which at the time of writing this article is equivalent to $647.7 million. ” Since mid-2020, bitcoin has nearly tripled. It can be said that in the near future, bitcoin’s uplink space is limited. Still, most of the data on the chain show that fewer whales are sold on major exchanges. “Bitcoin whales seem to be tired of selling,” said ki young Ju, chief executive of cryptoquant. Fewer whales put bitcoin on the exchange. I think this bull market will continue as institutional investors continue to buy and exchange whale ratios remain below 85% Bitcoin exchange whale ratio source: cryptoquant whales may be hoarding bitcoin within the current price range for two main reasons. First, despite bitcoin’s overreaction, whales may think the psychological threshold of $30000 will break through. If so, the options data suggest that $36000 may be a short-term target. Second, apart from the CME gap and high capital rates in the futures market, there is no good reason to expect a major adjustment. But if bitcoin consolidates every time it rebounds, as it has in the past two days, then capital rates may normalize. When this happens, the degree of overheating in the derivatives market will be reduced, thus increasing the possibility of a new round of rise. An anonymous trader named Byzantine general said the market was sending conflicting signals. Both long and short contract holders are aggressive, which makes both long and short contracts likely to be squeezed. “This contradictory signal,” he said. Both bulls and bears are too radical. I should probably stand by. ” More consolidation is likely in the near future, and bitcoin prices on coinbase are generally higher than those on coin and some other exchanges. In the past week, however, bitcoin’s trading price on coinbase has fallen slightly, to about $20 to $30. Although the spread is small, it suggests that demand from US buyers, who drove bitcoin up throughout December, may be slowing. But demand for buyers in the Asian and derivatives markets is growing. Bitcoin is likely to consolidate for a longer period of time with lower volatility, given the fact that demand in the US spot market seems to be cooling down against the special currency. If you also want to learn blockchain systematically, it is recommended to start with some good introductory books and learn to improve the brothers you can’t save. You think it’s reasonable: praise, reward and activate the atmosphere. [praise]

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