시가 총액
24시간 볼륨
6566
암호화폐
51.43%
Bitcoin 공유

Bitcoin Whales Showing Different Behavior From Past Cycles, But Why?

Bitcoin Whales Showing Different Behavior From Past Cycles, But Why?


NewsBTC
2024-04-16 01:00:13

On-chain data suggests the Bitcoin whales have been showing different behavior regarding exchange inflows from the last cycle. Here’s why this may be so. Bitcoin Whales Are Showing Different Behavior In Exchange Inflows This Time As an analyst explained in a CryptoQuant Quicktake post, the BTC whales’ movements have been different this time compared to the previous cycle. The indicator of interest here is the “exchange inflow,” which tracks the total amount of Bitcoin being transferred to wallets attached to all centralized exchanges. In the context of the current discussion, derivative platforms are specifically of interest. Related Reading: PEPE Preparing For A 54% Move? Analyst Thinks So When this metric’s value is high, it means that investors are depositing large amounts on these exchanges. Such a trend usually suggests a high demand for the services these derivative exchanges provide. Generally, extraordinary spikes in the indicator are associated with whale movements, given that only these humongous holders can cause such large shifts. On the other hand, when the metric has a low value, it suggests that the whales aren’t depositing anything significant to these platforms, a possible sign that they don’t want to take risks on the derivative side. Now, here is the chart shared by the quant, which shows the data for the Bitcoin exchange inflow for derivative exchanges: The value of the metric seems to have been relatively low in recent days | Source: CryptoQuant The indicator in the above graph also has another condition attached: it only tracks the inflows coming from the whales that had been holding for at least 1 month and at most 3 months. These would be the newbie whales in the market, but not quite so new that they have only bought (those with a holding time of less than 1 month). Restricting this time range also excludes the data of the traders who make a high amount of moves in short timeframes on average. As the analyst has highlighted in the chart, the whales in this group have usually made large inflows to derivative platforms around notable cryptocurrency tops and bottoms, when speculation is at its height. Interestingly, though, the cryptocurrency has witnessed no such large inflow spikes this year even though the asset has broken past the previous all-time high (ATH). One explanation may be that the whales are not interested in making any real moves right now. However, a more likely reason may be that spot exchange-traded funds (ETFs) exist now. The spot ETFs hold Bitcoin on behalf of their customers and let them gain indirect exposure to the cryptocurrency in a way familiar to conventional investors. Related Reading: Dogecoin Usurped: These Memecoins Overtake DOGE In Active Trader Count The ETFs have brought significant demand into the asset and have quickly become an important part of the market. It’s possible that, with this new investment vehicle, the usual cryptocurrency exchanges no longer have the same relevance for the asset. This could be why the pattern that held during the previous BTC cycle has seemingly disappeared from the current one. BTC Price At the time of writing, Bitcoin is trading at around $66,100, down more than 8% over the past week. Looks like the price of the asset has overall moved sideways recently | Source: BTCUSD on TradingView Featured image from Bart on Unsplash.com, CryptoQuant.com, chart from TradingView.com


면책 조항 읽기 : 본 웹 사이트, 하이퍼 링크 사이트, 관련 응용 프로그램, 포럼, 블로그, 소셜 미디어 계정 및 기타 플랫폼 (이하 "사이트")에 제공된 모든 콘텐츠는 제 3 자 출처에서 구입 한 일반적인 정보 용입니다. 우리는 정확성과 업데이트 성을 포함하여 우리의 콘텐츠와 관련하여 어떠한 종류의 보증도하지 않습니다. 우리가 제공하는 컨텐츠의 어떤 부분도 금융 조언, 법률 자문 또는 기타 용도에 대한 귀하의 특정 신뢰를위한 다른 형태의 조언을 구성하지 않습니다. 당사 콘텐츠의 사용 또는 의존은 전적으로 귀하의 책임과 재량에 달려 있습니다. 당신은 그들에게 의존하기 전에 우리 자신의 연구를 수행하고, 검토하고, 분석하고, 검증해야합니다. 거래는 큰 손실로 이어질 수있는 매우 위험한 활동이므로 결정을 내리기 전에 재무 고문에게 문의하십시오. 본 사이트의 어떠한 콘텐츠도 모집 또는 제공을 목적으로하지 않습니다.