When the Bitcoin (BTC) price exceeded 47 thousand dollars with the recent increases, all eyes turned to the reason.
Bitcoin for the first time since January 10 spot Bitcoin ETF approval 47 thousand dollars exceeded. With the rise of Bitcoin, significant increases were seen in the entire cryptocurrency market.
Making a statement about the rises CryptoQuant research manager Julio MorenoHe stated that the exhaustion of short-term investors’ selling pressure and long-term whale dominance moved the price up.
Whales to be placed in long-term investor status to 3.9 million Bitcoins While stating that he has, this ratio From November 2022 He reminded that this was the highest level seen since:
When the unrealized profit margins of short-term Bitcoin investors dropped to zero, the selling pressure faded and the price rebounded from the bottom. On the other hand, more whales strengthened their dominance by purchasing Bitcoin this year. It should not be forgotten that the assets of whales, who are long-term investors, are currently at the highest level since November 2022, with 3.9 million Bitcoins.
According to CoinGecko data, in the last 24 hours 6% Bitcoin, which is on the rise, at the time of writing From $47,490 is being traded.