Bitcoin price action may be boring for many, but data shows that whales are busier behind the scenes than ever before. Bitcoin ( BTC) analystsdollars series tracks short-term volatility as whales begin unprecedented behavior. The new data shows that the whales are not only highly active in the market, but are carrying record amounts of BTC.
Whale activity surpasses BTC’s all-time highs
Cryptocoin. com, despite the fact that BTC price action remains in a narrow and dull range around $ 40,000, large-volume Bitcoin investors are not calm. In recent weeks, these whales have slid more cryptocurrencies on the network than ever before. It’s even more than the all-time high of $60,000 and above BTC prices. Transactions involving $10 million or more have recently exceeded $10 billion.
Further analysis of the Harekedollar series shows that different classes of whales exhibit different responses to recent price events. According to data from the on-chain analytics resource Material Indicators, announced this week, smaller whales are selling, while the largest whales are adding to their positions. Researchers comment on the BTC trading levels chart:
Whales sold BTC, mega whales bought, and purple whales followed with another buy order. If you’re trying to understand these whale games, look at the weak liquidity they’re trying to play in the opposite direction.
According to crypto analyst William Suberg, this relative lack of resistance between current spot price levels between $42,000 and $46,500 has been played out by BTC’s repeated rejection of $44,000.
“40. Expect fast and volatile Bitcoin under $ 000”
Meanwhile, more whale data warns that price volatility could come. The crypto analyst notes that the “currency whale ratio”, which tracks the size of the top 10 currency inflows relative to others, is approaching levels that have fueled unstable price movements in the past. On-chain analyst CryptoQuant comments as part of an update on September 28:
Normally we would see this as a short-term sell. However, since we are in very important areas, we need to make sure that the price stays above 40 thousand. Price action below 40k can be fast and volatile.
According to analyst William Suberg, expectations are that $36,000 should form a firm bottom if BTC loses the $40,000 support.