While bitcoin prices struggle to gain momentum and are caged within a tight range, on-chain data tells a different story. Carrying x, an analyst twitter.com/AxelAdlerJr/status/1783693811606061104″ target=”_blank” rel=”nofollow”>grades that whales, who are large cryptocurrency holders, are actively accumulating the world's largest currency by market capitalization.
bitcoin Whales Accumulate Despite Weakness
When this data was shared, bitcoin whales held over 5.1 million btc worth a staggering $331 billion. The fact that there is still demand when the currency moves in a tight range flies in the face of recent market weakness and skeptics betting on even further price declines.
bitcoin is currently range-bound, with limits of $73,800 and $60,000. Despite the overall market confidence, the coin failed to rise, surpassing $70,000 even after the halving on April 20. Although prices are firm, the lack of follow-through after April 21-22 hints at weakness.
According to the BTCUSDT price chart, the coin could explode if it surpasses the mid-BB. If the advance is accompanied by positive fundamental events, the momentum could take the coin to all-time highs.
On the other hand, btc is likely to fall further if sellers return. The strong rejection by the bulls on April 24 is bearish. As such, this could trigger a wave of lower lows, taking the coin below the April 2023 lows.
Traders panicked, sold and recorded huge losses
Parallel market data twitter.com/AxelAdlerJr/status/1783713537820406207″ target=”_blank” rel=”nofollow”>sample Panic sellers on Binance and OKX, two major crypto exchanges by trading volumes, have dumped a combined 5,137 btc in losses over the past two weeks. As the data shows, prices have been declining during this time, and the bulls have failed to counter the dumping, especially after two consecutive losses on April 12 and 13.
Meanwhile, there have been strong outflows from ARKB, the spot bitcoin exchange-traded fund (ETF). twitter.com/thomas_fahrer/status/1783638083998748712″ target=”_blank” rel=”nofollow”>Data shows that ARKB sold 490 btc, worth $31 million, on April 25. This is the the third largest single-day departure in history.
The recent pressures on btc prices coincide with a sharp drop in spot ETF inflows in the second half of April. On April 25, Lookonchain twitter.com/lookonchain/status/1783519791967572046″ target=”_blank” rel=”nofollow”>data revealed that GBTC and the nine spot ETF issuers decreased more than 2,100 btc worth approximately $135 million.
Featured image from Shutterstock, chart from TradingView
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