The start of the Russia-Ukraine war together with the global markets cryptocurrency hit the markets.
Ki Young Ju, CEO of analytics firm CryptoQuant, which has been examining the On-Chain data, said: bitcoinin and cryptocurrency evaluated the pullback in its markets and announced its own plan.
Stating that the effects of the Russia-Ukraine war are not reflected in intra-chain movements, Ju added, “There is no significant activity in the chain.”
“Institutions that buy Bitcoin via on-chain transactions seem to have not sold their holdings yet.
Institutions that run algorithmic trading bots think that Bitcoin is a technology stock.
I’d rather not sell until Michael Saylor does.”
As can be seen from the statement, bitcoinThe pullback is due to some big whales’ algorithm bots. These bots seem to be tuned to the sentiment of the stock markets. For this reason, Bitcoin, which is seen as an alternative to gold, cannot perform as expected.
FTX CEO Sam Bankman-Fried also stated that the war-related pullback in Bitcoin was due to algorithmic trading bots.
*Not Investment Advice.