Preparation for Bitcoin and Altcoins Has Started! Whales Landing on Water!

The rise of Bitcoin to the level of $ 67,000, breaking the all-time high, increased the risk appetite in the market. After the decline from the summit, we observe that with the investors who took a break from trading for a while, their whales started to take large positions in Bitcoin and altcoins again.

Analyzing on-chain data, CryptoQuant CEO Ki Young Ju stated that the whales are back in the water and they are switching from spot markets to derivatives markets to take positions.

Sharing a graphic on this subject, the CEO said, “Whales are probably switching from other exchanges to derivative exchanges to take long positions. We see that the price increases in the long run after each move.” said.

The entry of whales to derivatives exchanges to take a position should not be evaluated as a direct price increase. This data can be considered as a preparation for the rise expectation.

Because when we look at the chart, we observe that the rises come with the intermediate corrections after this change.

Bitcoin is trading at $63600 as of our news time.

*Not Investment Advice.

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