Ancient Whales Might Get in the way of Bitcoin Sales – So How?

A popular analyst, former Bitcoin (BTC) He made a remarkable prediction based on the activities of whales.

CryptoQuant CEO Ki Young Ju says ex-Bitcoin whales (investors who have held large BTC holdings for over seven years) are still asleep despite the leading crypto’s sharp decline over the past few months. told. According to the analyst Bitcoin whales can cause BTC sellers fatigue:

“The old Bitcoin whales are still quiet in this range. They are over seven years old and the realized price is $358, BTC is still worth 54 times that. Most startups are now at a loss, including institutions and miners. The market may run out of supply on the sell side until the old ones provide some BTC.”

Bitcoin price movements

Koinfinans.com As we reported, according to Ju, ex-BTC whales last took action on March 28, when Bitcoin rallied $47,000. The top crypto asset by market cap has since been in a strong downtrend as it has lost around 60% of its value.

“But in general the ancient whales are still hibernating for the past two months. They have been silent since March 28.”

Bitcoin price chart

Ju also evaluated Bitcoin’s Coinbase premium index, which he recently highlighted has turned positive for the first time since April. According to the analyst, a positive Coinbase premium chart indicates that institutional investors are valuing BTC at its current levels.

“This increase does not indicate a bull run but obviously tells us there are institutional buyers in this price range.”

Bitcoin index

The analyst also noted in June that most US-based institutional investors, brokers, and market makers (MMs) rely on Coinbase to buy and sell BTC. stated. Moreover, he said that a positive Bitcoin Coinbase premium index would signal an improving sentiment among deep-pocketed investors.

“The Coinbase price premium can be helpful to see relief from the fear of financial contagion. For the past 45 days, MMs on Coinbase have been running trading bots to sell BTC. Their clients are mostly in the US and are struggling with liquidity providers’ requests to give their money back.”

Finally, as we reported, Bitcoin is trading at $ 19,102 at the time of writing.

You can check the price movements here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.


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