Whales Continue to Transfer Bitcoin and Ethereum to Exchanges
Bitcoin Enters the “Greed” Zone
Crypto analyst and trader Ali Martinez (@ali_charts on Twitter) recently shared a tweet stating that unknown whales have transferred a staggering amount of 20,000 Bitcoin to cryptocurrency exchanges in the past five days. The chart shared by Martinez shows a significant overall drop in exchanges followed by a remarkable influx of Bitcoin into trading platforms.
Bitcoin’s price dropped to $43,146
However, since then, the leading cryptocurrency has experienced a 2.65% decrease, leading many commentators to view such a massive sell-off as negative for the main cryptocurrency.
Whales Continue to Transfer Bitcoin and Ethereum to Exchanges
Whale Alert, a cryptocurrency tracking service, has detected multiple transactions carrying millions of dollars worth of Bitcoin and Ethereum to major cryptocurrency exchanges such as Binance (1,127 BTC), Coinbase (16,788 ETH), Bitfinex (4,535 BTC), and a massive 7,239 BTC worth $313,534,431 that was just transferred from one anonymous wallet to another.
According to blockchain investigator @lookonchain, the whale deposited 1,449 Bitcoin into Binance recently and made a total profit of around $65,000,000.
Bitcoin Enters the “Greed” Zone
The “greed” of Bitcoin indicates that the market may soon enter a correction phase. The Bitcoin Fear and Greed Index has entered the “greed” zone, showing 72 for several days already. When “fear” appears, it indicates that market participants are experiencing FOMO (fear of missing out) and rushing to buy cryptocurrencies.
Data vendor Santiment recently reported a significant increase in the number of Bitcoin addresses holding more than 100 BTC. By the time Bitcoin reached $44,000 earlier this week, “the current wallet balance of addresses with 100+ BTC had a strong correlation with this price spike.” Since the major drop on November 9th, 48 of these whale addresses have returned in the past four weeks, according to Santiment’s tweet.
READ MORE Bitcoin Achieves Milestone in Total Balance Addresses
Market Control for a Strong Reason – Currently, around twelve Bitcoin exchange-traded fund (ETF) proposals are under review by the regulatory team of the Securities and Exchange Commission.
Bitcoin price predictions continue
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