Bitcoin Whales Showing Different Behavior From Past Cycles, But Why?
2024年4月16日 - 10:00AM
NEWSBTC
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
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