Bitcoin ETF

Bitcoin

Daily

Rise

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<ul> 
 <li>The digital currency ecosystem is still experiencing mild volatility as the combined market value has increased by 0.55%, reaching $1.65 trillion.</li> 
 <li>The action of Bitcoin whales has steadily increased since mid-November and peaked between December 6-9.</li> 
 <li>Selling by Bitcoin whales is often accompanied by a price drop. Currently, there appears to be a balance between liquidations and other important on-chain metrics.</li> 
</ul> 
<p><strong>As Bitcoin and cryptocurrencies wrap up a calm week, we examine the behavior of whales: Will there be a price drop?</strong></p> 
<h2 id="strong-are-bitcoin-whales-selling-strong"><strong>Are Bitcoin Whales Selling?</strong></h2> 
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-126554" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="bitcoin-btc" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?w=1920&amp;quality=70&amp;ssl=1 1920w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=1536%2C864&amp;quality=70&amp;ssl=1 1536w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?w=1392&amp;quality=70&amp;ssl=1 1392w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p> 
<p>The digital currency ecosystem is still experiencing mild volatility as the combined market value has increased by 0.55%, reaching $1.65 trillion, while the observed selling frenzy of Bitcoin whales continues. Top market analyst Ali Martinez noted that whale sales intensified last week, with over 50,000 BTC units sold.</p> 
<p>According to Martinez’s estimate, the total Bitcoin sold by whales is approximately $2.2 billion in value. This significant capital shift is indicative of a major trend among market movers and is closely associated with profit-taking, a feature of sustained price increases.</p> 
<p>According to data shared by Martinez, the action of Bitcoin whales has steadily increased since mid-November and peaked between December 6-9. During this period, the price of BTC rose intensively from a low of $36,756.33 to a high of $44,705.52. While this move associated with whale sales did not immediately impact the growth trend, it raised some doubts about the sustainability of the rally in the future.</p> 
<p>Whale sales in Bitcoin are usually accompanied by a price drop. Currently, there seems to be a balance between liquidations and other significant on-chain metrics. As of now, according to data from the crypto analytics platform IntoTheBlock, Bitcoin’s Daily Active Addresses (DAA) increased by 3.46%, reaching 818,006.</p> 
<p>With more addresses interacting with the network, there is a balance against an impending price drop, helping alleviate tons of BTC dumped by Bitcoin whales. As of the time of writing, the price of Bitcoin is $43,607, with a 0.53% decrease in the last 24 hours, indicating that BTC is targeting a new high for the year, as mentioned in the previous analysis.</p> 
<h2 id="strong-rise-in-bitcoin-etfs-strong"><strong>Rise in Bitcoin ETFs</strong></h2> 
<p>In addition to the increase in active on-chain addresses, the current sensitivity to spot Bitcoin ETFs is also supporting the resistance of the top coin. With ongoing discussions between spot Bitcoin ETF applicants such as BlackRock and Fidelity Investments and the U.S. Securities and Exchange Commission (SEC), expectations are rising for the launch of this product.</p> 
<p>As approval probabilities are still marked at 90%, investors are playing a long-term game regarding the BTC ETF application, which is the reason for the resistance shown.</p> 
<p>The post <a rel="nofollow" href="https://en.coinotag.com/what-is-the-current-state-of-bitcoin-whales-activities-price-correction-on-the-horizon/">What is the Current State of Bitcoin Whales’ Activities? Price Correction on the Horizon?</a> appeared first on <a rel="nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p> 
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What is the Current State of Bitcoin Whales’ Activities? Price Correction on the Horizon?

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