Whales are dumping bitcoin on a wave of hype – CryptoQuant

Whales are dumping bitcoin on a wave of hype – CryptoQuant



Whales are dumping bitcoin on a wave of hype – CryptoQuant

  • Whales push bitcoin price for consolidation

  • It looks like Coinbase sellers are responsible for the current dump

  • Big capital brings cryptocurrency to cold wallets

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Bitcoin price is under strong pressure from large cryptocurrency holders, but demand is still high

On Thursday, January 21, the bitcoin price sank by more than 7%, breaking the $ 33,000 mark. According to the head of the CryptoQuant analytical resource, Ki Yang Joo, Coinbase whales are behind the local bitcoin dump, pouring the coin onto the exchange.

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“Of course, Bitcoin will reach $ 100 thousand this year, but in the short term, if we do not see significant buyer pressure from Coinbase Pro, I think Bitcoin will enter bear territory,” the head of CryptoQuant wrote on his Twitter page..

The price of bitcoin is already trading below $ 33,000 and has so far reached a low of $ 32,512. However, bitcoin still has room to fall. As part of the previous correction on January 11, the cryptocurrency collapsed to values ​​of $ 30,239.

Bitcoin chart. Source: CoinGeko

The whales are short

It is noteworthy that the current pressure on the price of the cryptocurrency came from Coinbase, from which, on the contrary, they expect an influx of large capital.

Whales dump bitcoin on a wave of hype - CryptoQuant

Source: twitter.com

The Coinbase Premium Index reaches negative values, which indicates an excessive number of people who want to get rid of cryptocurrency.

“Coinbase whales need a BTC drawdown to consolidate,” Ju suggested.

The head of CryptoQuant calls for monitoring the outflow of funds from Coinbase, since it is the recipient of the funds that can predict the future price.

Whales are dumping bitcoin on a wave of hype - CryptoQuant

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Source: twitter.com

Basically, a significant outflow of bitcoin from Coinbase goes to cold wallets. According to Joo, big capital is putting the cryptocurrency into custody in this way, which may mean the continuation of the bullish trend in the long term..

In the meantime, the market continues to be buzzing with retail investors. The BeInCrypto editorial team previously tried to figure out what drives the desire of American millennials to buy bitcoin as quickly as possible, despite the rise in prices.

The price of bitcoin BTC / USDT at the time of writing is $ 32,300.

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