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Bitcoin whales (big investors) have been buying more since Christmas, according to online data. From this trend, it can be seen that as the bitcoin market explodes, the entry of investors with large capital is increasing.
Why keep buying more
According to analysts at Santiment, $ 647 million worth of bitcoins was likely sent from small owned addresses to large addresses.
Addresses with more than 1000 BTC (around $ 27 million) are generally considered whales, and Santiment notes:
“Since Christmas, more than 1000 BTC of bitcoin addresses have bought more than 0.13% of the supply in the last 48 hours, which is the supply that small addresses previously had, up to 24158 BTC.”
However, most of the on-chain data shows that few whales are deposited in major exchanges. The bull market is likely to continue as the selling pressure is easing. Ki Young-ju, CEO of CryptoQuant, said:
“Bitcoink whales seem to be tired of selling. Only a few whales have deposited on the exchange. This is because institutional investors continue to buy and the whale rate on the exchange remains below 85%.” The bull market will continue. “
There are two main reasons why whales buy more bitcoin in their current price range.
The first is that the whales are hoping to top $ 30,000, despite overheating from the Bitcoin surge. The data for the options shows that the goal is $ 36,000.
Second, there is no evidence of major adjustments, except for the closure of the Chicago Mercantile Exchange and the high financing rates of the futures market.
But on the other hand, a cryptocurrency trader known as Byzantine General notes that the market is now giving mixed signals. Holders of both long and short contracts are aggressive, allowing both long and short compression. “Maybe it’s better to sit with your hands,” he said.
Translation / Editing Cointelegraph Japan
