Since the price of Bitcoin (BTC) exceeded $ 11,100 on September 19, whale activity and high Bakkt volume will ever indicate a consolidation of speed.
According to CryptoQuant’s Key Young Joo, fewer whales sent BTC for exchange. Historically, data shows less pressure from bitcoin holders from affluent bitcoin holders.
At the same time, Bakk’s daily volume in the futures market for corporate bitcoin reached a full-time high. Bakkt, run by ICE, the parent company of the New York Stock Exchange (NYSE), makes BTC trading easier for institutions.
Bitcoin whale activity and Bakk’s record size indicate that whales and organizations can merge BTC.
Bitcoin continues to test $ 11,000 as market data shows a positive trend
Whales and organizations have a major impact on the price of bitcoins due to their trading volume.
A whale that sold more than $ 12,000 bitcoins after owning it for two years had about 9,000 bitcoins. The current market price for BTC is $ 11,070, which is approximately $ 100 million.
Given the lower risk of large sales orders, the whales’ declining appetite for bitcoin is a positive factor. Key sa:
“The exchange rate for whales has reached its lowest level in one year – the fewer whales go for exchange, the less dumping and the higher the price of BTC.”
The data referred to by CryptoQuant represent a large selection of bitcoin holdings from whales on stock exchanges. As Cointelegraph previously reported, some whales are for sale at current prices. But the data shows that most whales choose not to sell for $ 11,000.
The optimistic whale activity coincides with a clear increase in institutional demand for bitcoin for Bakkt.
According to Arcane Research and Skew, Bakkt reached a whole new daily volume on September 15, and much of it was actually settled. This comes just 24 hours after MicroStrategy bought another $ 175 million from BTC.
It is worth noting the growth period in the Baked Bitcoin futures market, because it closely monitors MicroStrategy’s bulk purchases.
Based on the data, it can be argued that some organizations may acquire BTC after a high-profile investment from MicroStrategy, especially since some popular pricing models indicate underestimation at the current level. Arcane Research analysts wrote:
“Another day, another full-time high for Bakkt with an upward trend following Tuesday’s new daily ATH volume, yesterday’s volume rose higher on the institutional Bitcoin futures platform.”
Four days after Bakkt saw record volumes and stock market whale activity decline, BTC rose from $ 10,800 to $ 11,100.
What’s next in the near future?
Some traders say that in addition to increasing revenues from organizations and whales, profits may well occur.
In recent months, the decentralized financial market (DeFi) has surpassed major cryptocurrencies such as Bitcoin and Ether (ETH). Following the high performance of DeFi tokens, investors can process profits to BTC and stack coins.
The seller with the pseudonym “Light” said:
“All ETH and ALTS are sold out in the last week. Cyclic converted to BTC and fiat. Almost everyone is exposed to bitcoin crime and has the same criminal vulnerability to DeFi. When everyone is on the same side of the ship. ”
If the trend continues, DeFi coins may continue to lag behind BTC in the near future. At least in the foreseeable future, this may cement the growth of the BTC, whose dominance index has fallen to its lowest annual levels in recent months.