Whales Are Piling Up Bitcoin In Stock Markets! "Liquidation Started"
Bitcoin (BTC) is struggling to soar after dropping below $ 50,000 in the middle of this week. The lowest level of 11 weeks was seen in the morning today. The world's largest cryptocurrency has lost trillion dollar status and remains below that level at the time of writing. BTC is trading at $ 48,234 thousand at the time of writing. This is happening as Bitcoin inflows in exchanges continue to increase further. Traders are depositing a large number of BTC into exchanges. This, according to experts, may indicate liquidation.
🔥Analyst: This Development Could Be The End Of The Bitcoin Rally!
The amount of Bitcoin on the exchanges has risen
According to Santiment data, investors are investing Bitcoin (BTC) in cryptocurrency exchanges. On the other hand , the supply of Tether (USDT) in the exchanges is falling. This may indicate a lower buying interest than Santiment. The on-chain data provider uses the following statements:
The Bitcoin supply on the exchanges is currently back to its highest level since January 14th. 4-month high, indicative of fear. In addition, the Tether supply approaching the lowest level of 2021 indicates that traders are hesitant to buy from this low level.
🔥BTC whales cut supply in the last 5 weeks
Even before the market crash, following Tesla's decision, Bitcoin whales had begun to reduce supplies. Bitcoin (BTC) whale addresses holding between 100 and 10,000 coins have liquidated 100,000 BTC worth $ 5.74 billion in the past five weeks. This shows the lowest supply held by these addresses since February.
There is also a clear signal that the BTC network is in a bearish trend: BTC mining revenue from fees alone reached a 4-month low.
🔥There are also positive indicators
Not everything is bad for Bitcoin right now. There are some positive indicators and historical trends that show that Bitcoin (BTC) could move ahead for the bull run in the coming months. Popular analyst PlanB says that we are currently in the middle of a bull run as Bitcoin's RSI dropped to levels seen between 2013 and 2017, based on historical trends.
Also, itcoin's Return on Output (SOPR) dropped below 1, indicating a bottom formation, according to Glassnode data