- Ah, the BTC whales, those grandiose leviathans of the crypto sea, have feasted on 22K BTC during the recent dip.
- Yet, like a diet fad gone awry, most whales have been trimming their positions since the winter of last December.
On the fateful day of January 28th, the Bitcoin [BTC] whale wallets experienced a veritable deluge of accumulation, a spike that would make even Poseidon raise an eyebrow, as over 22K BTC were gobbled up during the dip.
The king coin, in a dramatic swoon, plummeted to a low of $97.7K, a price point that could only be described as a bargain for those with a penchant for aquatic adventures. Massive whale demand met this slight discount with the enthusiasm of a child at a candy store.
For context, such spikes in whale accumulation have historically coincided with local bottoms, much like a cat always landing on its feet—if only it had a better sense of timing.
Does this mean that BTC has marked $97K as the local bottom, a springboard for a higher leap into the crypto cosmos? Well, the FOMC forward guidance and the all-important U.S. inflation data, scheduled for Friday, could very well determine the asset’s next pirouette into February.
Bitcoin Whales: A Declining Species?
However, it appears that many whales, those once-mighty titans with over 1K BTC, have been cashing out since mid-December, perhaps in search of greener pastures—or just a good old-fashioned vacation.
According to the ever-watchful Glassnode data, these whale entities have dwindled by 4%, from 1,724 to 1,655, underscoring a rather alarming trend of increased sell-offs in the past week. One can only wonder if they’ve been watching too many financial thrillers.
A continued drop in this metric could serve as a warning sign for a potential local or cycle top, reminiscent of the 2020-2021 cycle—like a canary in a coal mine, but with more zeros.
AMBCrypto, ever the diligent detective, also scrutinized the network growth for further insights. Since December, the average active addresses have plummeted from nearly 1.1 million to a mere 957K, as if they were on a diet of digital breadcrumbs.
However, the metric seems to have bottomed out at 950K. A renewed surge could signal a resurgence of market interest for BTC, potentially catapulting the king coin to new heights—like a rocket powered by sheer enthusiasm.
Yet, as of this writing, demand appears to be as flat as a pancake. According to the Coinbase Premium Index (CPI), which tracks the appetite of U.S. investors for the world’s largest cryptocurrency, the enthusiasm remained muted throughout January—like a party without music.
Historically, BTC has been known to front a sustainable uptrend whenever the CPI was positive (green) for an extended period. Alas, at press time, the largest digital asset found itself ensnared between $100K and $105K, awaiting the pivotal U.S. inflation data like a cat waiting for its human to return home.
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2025-01-29 22:18