Note

Bitcoin Whales Continue to Accumulate Despite Bitcoin's Price Holding Above $50,000

Verified Official

Bitcoin whales continue to accumulate despite BTC price holding above $50K

Photo: Coin Telegraph

(Coin Telegraph) - The number of whale addresses holding Bitcoin have hit a new all-time high, the latest data shows. This can be considered bullish, particularly as the price of BTC is showing staying power above $50,000.

The increase in the number of whales indicate that high-net-worth investors are actively accumulating Bitcoin as the bull market continues.

Why is the rising number of whales important?

During bull cycles, the price of Bitcoin could be at risk of a severe sell-off if whales begin to sell or take profit on large positions.

When this happens, it creates a massive downturn because the overleveraged futures market begins to fall, seeing cascading liquidations.

But when whales continue to accumulate, as the on-chain data shows, the foundation for an extended rally strengthens.

Ideal short-term scenario is for the futures market to deleverage

Currently, Bitcoin has the components to see a continuation of the ongoing rally. Whales are buying, the trading volume is rising in general, and there is large institutional interest in Bitcoin.

However, there is one major risk in the market and that is the overleveraged futures market. As of Feb 18, the futures funding rate for both Bitcoin and Ether surpassed 0.15%.

Read more from the original article here.



Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

If you like, reward to support.
avatar

No older comments, be the first to grab the sofa.

CFD markets involves substantial risk and there is always the potential for loss. Past performance is not indicative of future results. You understand and agree that there are risks associated with the use of online trading services ( COPYTRADE、FOLLOWTRADE、FOLLOWGUARD ), including uncontrollable factors such as hardware breakdown, software fault, or Internet disconnections. FOLLOWME does not held any responsibility for the communication failures, miss-transmissions or delays that occur during online trading.

appstore-download goole-download
login