According to trader CL, Bitcoin whale (BTC) staked a $ 100 million short position on Bybit. This comes after several data points in the sales chain last week.

While Bitcoin continues to grow, there are many reasons why $ 16,000 is an attractive area for sellers.

There is significant liquidity at $ 16,000, mainly because this is a strong resistance level. But at this level, there was relatively high consumer demand, as evidenced by stable currency flows. So the $ 16K battle between buyers and sellers makes this area very fluid, which is compelling for sellers.

Whale catching signs are on the rise
The bitcoin seller actively sold on Bybit on November 15th. Order flows mean sales orders average about $ 3.5 million over a period of several hours.

As per the big surprise order, CL suggested that this could lead to two scenarios.

First, it can take over the seller and create pressure that can lead to an increase in the price of BTC. Second, it may continue to put pressure on Bitcoin sales. The seller wrote:

“About two hours ago, the aggressive person sold almost 100 million on Bybit, a third of the sales were open, and he is personally very curious to see what happens if this seller gets depressed / shorter, or if they let him go.”
Meanwhile, other major exchanges have registered large deposits in the past 24 hours. According to CryptoQuant data, the American exchange Gemini made a deposit of 9,000 BTC.

Whales generally use exchanges with strict adherence and strict regulatory measures, including platforms such as Coinbase and Gemini.

Given Gemini’s massive $ 143 million Bitcoin deposit, a researcher alias “Blackbeard” said it was time to be careful.

Just the twists and turns of this weekend?
As CL points out, the current structure of the bitcoin market is different from the previous cycle. For example, when the bitcoin price was $ 16,000 in 2017, the market was extremely overheated due to extreme volatility. The merchant said:

“Back in 2017, when we pumped from 10,000, 15 to 20,000, we had a weekly trade in OKEx futures on Contango for $ 1,000, and now we’re here with a quarterly price above $ 100.”

This time, the ride feels more sustainable and step-by-step. Bitcoin has continued to see a step rally over the past six months, allowing it to develop into a long-term bull trend.

Instead of a sudden rally followed by another sharp uptrend, BTC saw an uptrend followed by consolidation and so on.

As Cointelegraph reported earlier this month, some data, including Google Trends, shows that retail investors are still showing little interest since the end of 2017. On the other hand, there is growing evidence that Wall Street is starting to grow. Attention.

Thus, there is a strong case for the ongoing rally to be fundamentally different from 2017, despite the current “highly greedy” market sentiment. It is worth noting that the available supply has decreased due to the recent halving, as well as the decline in reserves on exchanges over the past year.

Bitcoin futures funding rates are also neutral at around 0.01%, which means the market isn’t as overheated or crowded as it was three years ago. This trend could limit the shortfall, especially in the medium term.

Source: CoinTelegraph