Bitcoin whales adopt a 'wait-and-see' approach as the price stabilizes around $96K.
A crypto analyst has observed a notable increase in Bitcoin inflows to exchanges by whales, who remain hesitant to make significant moves. Bitcoin whales are maintaining a cautious stance as the cryptocurrency oscillates below $100,000, exhibiting both teasing rallies and retracements.
“While there is no immediate selling pressure, the increased Bitcoin inflow into exchanges signals a potential risk of future sell-offs,” noted CryptoQuant contributor Onat Tütüncüler in a Nov. 2 analysis. “These movements should be closely monitored to assess their potential impact on the market.”
Tütüncüler pointed out a sharp rise in Bitcoin exchange inflows since Donald Trump’s presidential election win on Nov. 5. Typically, large exchange transfers hint at upcoming sell-offs, but in this instance, whales appear to be taking a “wait-and-see” approach instead.
The Adjusted Spent Output Profit Ratio (aSOPR) metric — which historically indicates shifts in market trajectories when profits are absorbed into trading volumes — “has yet to show any substantial profit-taking activity,” Tütüncüler added. During bull runs, traders often hold Bitcoin longer, anticipating further short-term growth before rotating into other cryptocurrencies. However, Bitcoin’s falling dominance, down 5.54% since Nov. 28 according to TradingView, suggests that this rotation might already be underway.
As of this writing, Bitcoin (BTC) is trading at $95,809, per CoinMarketCap. The long-term holder realized price — the average price paid by investors holding Bitcoin for over 155 days — stands at $24,994, reflecting a profit of approximately 3,800% for these holders. While traders expect Bitcoin to hold its current price level, many remain skeptical about it surpassing $100,000 by the end of 2024.
Pseudonymous crypto trader Rekt Capital highlighted in a Dec. 3 post on X that Bitcoin is “continuing to retest a series of Lower Highs as support,” with “longer and longer downside wicks” forming. They suggested that if this trend persists, Bitcoin might reclaim the ~$96,400 support level.
Bitcoin nearly reached the $100,000 milestone on Nov. 22, peaking at $99,800, but further gains remain elusive. Ramp Network co-founder and CEO Szymon Sypniewicz expressed uncertainty about Bitcoin crossing the $100,000 threshold by the end of 2024.
“While reaching $110,000 for Bitcoin seems inevitable at some point, it’s unclear if it will happen this year. Market volatility will likely bring ups and downs along the way,” Sypniewicz said.
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