Bitcoin: Wallets with more than 100,000 tokens continue to accumulate during the decline – BeinCrypto International

While the Bitcoin price has lost almost 70% of its peak last fall, with an accelerated fall over the past two months, the crypto whales, these big investors, are taking advantage of the decline to increase their reserves in BTC.

buy the dip : This is what some major bitcoin wallets do during the bear market. Be[In]Crypto reported to you last week that BTC’s biggest whale has already bought 927 tokens during the month of June as the asset’s price lost nearly 40% for the year.

This week, according to data collected on the site of the on-chain data analysis firm of Bitcoin, IntoTheBlock, the big holders continue to buy new tokens despite the bearish period. The firm has identified a spike in the number of wallets holding more than 100,000 tokens. She also found that the reserves of 5 whales increased by 16% in the last 30 days to 776,000 tokens, or nearly $15.9 billion.

Is this the beginning of the end?

With whales buying the dip, it would be intuitive to think that a new era is about to begin for Bitcoin very soon. Especially since we see that after its trough at $17.5K, the asset made a good technical rebound towards $21.5K and is trying to defend the symbolic and psychological bar of $20K.

However, the trading volume is not high enough to really gauge a trend reversal. At least that’s the opinion of expert and influencer Rekt Capital, who said on his twitter account:

“At the moment #BTC weekly volume shows that ~$20,000 is not very strong support.”

Next, he claimed that Bitcoin will drop below $20,000 in the coming weeks and months, and any level below $20,000 is a very good buying opportunity.

Bitcoin: Beware of the options market!

The options market pattern is often a good proxy for predicting the future price of Bitcoin. As a result, analysts closely scrutinize the movements that are made around options contracts to determine the future trend. During this Friday, June 24 session, nearly $2.25 billion worth of Bitcoin options contracts will mature or be in the process of being expired as of 8:00 AM UTC.

For this week’s expiration, call options (purchase contracts) total $1.41 billion while put options (sell contracts) total $830 million. The put to call ratio stands at 0.57. According to data from Deribit, it appears that the “max bread” (price where the greatest amount of open interest converges on both the buying and selling side) stands at $30,000. Generally, the fight in the options market is around this level.

So, at the current price of Bitcoin, namely $20,543, the bears will certainly end up having the upper hand over the bulls. And if the price of Bitcoin continues to trade below $21,000, only 2% of call options would remain. Thus, nearly 1.38 billion dollars will be under the threat of liquidation.

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Bitcoin: Wallets with more than 100,000 tokens continue to accumulate during the decline – BeinCrypto International


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