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
Publicado en Nov 11, 2020
by Cointele | Publicado en Coinage
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