A BTC whale operates with a single Bitcoin address and owns more than 1,000 bitcoins. When whales accumulate large volumes, it lessens the circulating supply. This can weaken a “bearish” trend.
According to a series of “Whale Alerts”, mega cryptocurrency exchanges Coinbase and Binance were two of the addresses involved in the large transfers. Traders were wondering why large amounts of BTC moved on the exchange at the same time.
According to OKEx data, the top traders’ long-to-short ratio on the exchange bottomed at 0.75 on Oct. 9. This figure translates to a 25% net short position or “bearish.”
During the following 24 hours, these traders closed their shorts and reverted to a 25% net long position. These are good indications that there is a reliable recovery, rather than a simple case of short-covering.
On-chain market intelligence analyst Glassnode claims that the number of crypto whales investing in BTC is increasing at a “faster rate.”
The number of #Bitcoin whales (entities holding ≥ 1K BTC) has been on an upwards trend for the past months.
An indication that more high-net-worth individuals are entering the space to invest in Bitcoin in expectation of $BTC price appreciation.
