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Bitcoin selling off

Bitcoin Whales Buying As Stablecoins Flow To Exchanges Spikes: Are Bulls A Big Move?

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin is moving sideways in a consolidation, forming a bull flag that is clear in the daily chart. While prices are stable when writing, shaking off the weaknesses of yesterday, BTC is down 8% from last week’s highs and remains in a fragile position.

Technically, what’s needed for Bitcoin, at least in the short term, is for prices to shoot higher, breaching $63,000. When this happens, it may signal that buyers have sufficient momentum to confirm gains of August 8. The development could set the ball rolling for another leg up toward $70,000 in a buy trend continuation formation.

Bitcoin Whales Accumulating, Traders Must Be Patient

Bullish as market participants are, one analyst on X thinks they might have to wait longer. Citing on-chain data, the analyst said the Bitcoin whales ratio is at “extremely high” levels.

Related Reading: ‘Maximizing Leverage Exposure To Bitcoin’: Defiance Launches First Leveraged MicroStrategy ETF

The metric, used by chartists to measure the number of large whale transactions relative to the general activity, helps gauge how involved whales, mostly institutions and deep-pocketed addresses, are at any price level.

Bitcoin whales accumulating | Source: @Woo_Minkyu via X
Bitcoin whales accumulating | Source: @Woo_Minkyu via X

The rising whale ratio means Bitcoin is likely in the accumulation phase. Here, these whales are keen on accumulating on dips, taking advantage of the low prices to increase their coin holdings.

Historically, the analyst said prices tend to spike higher whenever this happens, especially when the coin is weeks or months away after the Halving.

Bitcoin halved its miner rewards on April 20. The drop in emission, making the coin deflationary, coupled with rising demand from institutional players getting exposure via spot Bitcoin ETFs, is expected to impact prices positively in the coming days.

Stablecoins Pouring Into Exchanges, Breaking $72,000 Will Be Crucial For Bulls

Looking at the events in the daily chart, it is evident that sellers have the upper hand, at least from a top-down preview. There has been no comprehensive reversal of late July to early August losses.

Bitcoin price moving sideways on the daily chart | Source: BTCUSDT on Binance, TradingView
Bitcoin price moving sideways on the daily chart | Source: BTCUSDT on Binance, TradingView

A break above $63,000 will be positive. However, a clean close above July highs is needed to lift the coin above $70,000 and $72,000.

Related Reading: Solana Bearish Signal: Whale Makes $26 Million Binance Deposit

Nonetheless, there are positive developments that might spark and revive demand. The analyst, citing trading data, also said there has been an influx of stablecoins to leading exchanges like Binance and Coinbase.

Stablecoins moving to exchanges | Source: @Woo_Minkyu via X
Stablecoins moving to exchanges | Source: @Woo_Minkyu via X

If history guides, it means traders are increasing their crypto purchasing power and keen to double down. Overall, this is a net positive for Bitcoin and other digital assets.

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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