According to the information received, whales are making “big transactions”. So what does this mean for BTC traders? Bull market or bear market? This is the question on the lips of many investors as Ukraine tries to resist the Russian invasion. However, Bitcoin traders should look at what different actors are doing right now while maintaining a cautious outlook. Detail cryptocoin.com‘in.
Big transactions from Bitcoin whales
Data from popular analytics firm Santiment showed that Bitcoin whales are busy churning the waters with high-value transactions, with the king coin bottoming out at around $34,700. Moreover, we need to look at recent history, as transactions above $100,000 and $1 million peaked around January 24, when prices had bottomed out earlier. Noting that the trading frenzy after January 24 followed a 15% rally next week, whales may expect a similar price increase in the near future.
However, the inflows and outflows of foreign currency showed how different this recent drop in price was from the end of January. Interestingly, more than 90,000 BTC outflows were seen on February 1. However, the recent drop in price has not led to any significant entries or exits. One theory is that traders are resisting the urge to panic sell due to the ongoing war. Expert traders and analysts also think it’s a good idea. Messari’s Ryan Selkis has made it clear that he has no plans to sell his Bitcoin. Meanwhile, Lark Davis and Raoul Pal advised traders to come up with a long-term plan and stick to it. Finally, FOMO was an absolute no-no.
BTC trades cautious
In addition, there are many reasons to be cautious. Bitcoin’s recent price action shows that the asset has become more volatile and has been made worse by world events. Santiment data revealed that the pace of Bitcoin saw a sharp spike on February 22, with a huge spike in activity as Russia invaded Ukraine. However, since then, the velocity of the king coin has dropped, but it is still largely in line with previous velocity rates. At the time of writing, Bitcoin was trading at $39,340, up 1.51% in the last 24 hours.
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