As the Bitcoin bulls prance about, their majestic horns held high, the whales – those behemoths of the cryptocurrency ocean – seem to be playing a tantalizing game of cat and mouse with the market.
Data from the onchain analytics platform CryptoQuant, that esteemed chronicler of blockchain whims, reveals that whale-sized inbound exchange transactions are making a potential lower high in February, a development that has set tongues a-wagging among the Bitcoin cognoscenti.
Bitcoin Whales: The Enigmatic Conductors of the Cryptocurrency Orchestra
It is a truth universally acknowledged, that a Bitcoin cycle in possession of a peak, must be in want of a whale exchange move to drop from its local highs. This, at least, is the received wisdom among the CryptoQuant illuminati.
In a Quicktake blog post of February 13, that intrepid contributor, Grizzly, shed light upon the 30-day simple moving average of the Whale Exchange Ratio – a metric that measures the size of the top 10 inflows to exchanges relative to all inflows. And what did this erudite analysis reveal? Why, that this ratio had reached a dizzying 0.46 on February 12, a figure redolent of multi-year highs, and a far cry from the lows of 0.36 in mid-December, when BTC/USD was trading near all-time highs.
Since then, the price action has been a veritable rollercoaster, dropping and swooping with all the predictability of a tipsy debutante at a ball. Meanwhile, whale activity has increased, a trend that, however, already shows signs of fading, like the dying embers of a once-roaring fire.
“Since late 2024, this metric has experienced a robust upward surge, though its momentum has slightly moderated over the past two weeks without a definitive reversal,” Grizzly observed, with all the detached air of a zoologist studying the mating habits of exotic birds.
“Historical trends indicate that a downturn in whale deposits on spot exchanges often precedes a bullish Bitcoin rally.”
CryptoMoon, that indefatigable chronicler of cryptocurrency capers, reported on the high whale inflows earlier this week, while elsewhere, newer whales are on the radar as potential BTC price support, their aggregate cost basis for large-volume investors holding for up to six months a tantalizing $90,000, a level that has held for over three months, like a tantalizing mirage on the horizon.
Bitcoin Miners: The Unsung Heroes of the Cryptocurrency Saga
And then, of course, there are the miners, those stalwart toilers in the cryptocurrency vineyards, who have returned to accumulation this month, a development that has set the hearts of Bitcoin bulls a-flutter.
This follows a six-month spate of near-uninterrupted outflows from miner wallets, a trend that has coincided with a fresh “capitulation” phase, that oft-heralded marker of local market bottoms.
Last July, just before miner outflows picked up, CryptoMoon noted research concluding that the overall impact on the market was already significantly lower than institutional flows, specifically those from the US spot Bitcoin exchange-traded funds, or ETFs – a development that has left some wags wondering if the miners are, in fact, the unsung heroes of the cryptocurrency saga.
Read More
- POL PREDICTION. POL cryptocurrency
- INJ PREDICTION. INJ cryptocurrency
- HBAR PREDICTION. HBAR cryptocurrency
- DUSK PREDICTION. DUSK cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- BONE PREDICTION. BONE cryptocurrency
- ILV PREDICTION. ILV cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- DGB PREDICTION. DGB cryptocurrency
- ASTR PREDICTION. ASTR cryptocurrency
2025-02-13 12:51