Although the leading crypto Bitcoin (BTC) cannot hold above $ 28 thousand for a long time, it continues to struggle to maintain the level of $ 27 thousand. However, Bitfinex’s giant whales closed 12,000 BTC longs in the biggest move since June 2021. So, how will this development affect Bitcoin?
Bitfinex’s giant whales are closing Bitcoin long positions
cryptocoin.comAs you follow, the leading crypto Bitcoin made a strong upward move amid the banking crisis in the USA and Europe. However, BTC could not protect above $ 28 thousand for a long time and fell behind this line. In this environment, it seems that whale sales news for BTC is coming.
According to the latest data from Datamish, Bitfinex’s giant whales have unexpectedly closed their long positions in Bitcoin (BTC) worth around 12,000 BTC. This is the biggest move the stock market has made since June of last year. The sudden closing of long positions on Bitfinex by whales has caught the attention of traders and investors in the crypto community. The cost of this position in BTC is estimated to be between $25,000 and $35,000. So this is an important amount for any investor.
This move raises questions about the possible reasons why the whales on Bitfinex closed their positions so abruptly. While there is no concrete information on this yet, some analysts think it could be a sign of a potential correction in the Bitcoin market or a change in market sentiment. On the other hand, despite these long positions being closed, Bitfinex still has 93,448 BTC longs. This shows that the stock market continues to rise on Bitcoin’s long-term prospects. Additionally, shorts on Bitfinex are at a low not seen in nearly a year.
What could be the possible impact of the development on BTC?
This news created volatility in the crypto market as traders and investors closely followed the movement of BTC prices. The closing of long positions by Bitfinex’s giant whales is a major event that has the potential to affect overall market sentiment towards Bitcoin.
It is not yet clear how this move will affect Bitcoin price in the short term. However, it is clear that the crypto market is following this development closely and more analysis and predictions are expected to emerge in the coming days. The sudden closing of long positions by Bitfinex’s giant whales underscores the importance of keeping a close eye on market trends and movements. As the crypto market continues to evolve, investors and traders need to be vigilant and prepared to adapt to changes in market sentiment and behavior.
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