The week of a whale or how to behave during market deep
Hello my fellow bloggers! The recent deep caused by CME futures expiration was a hard time for new investors and a wonderful end of the month for experienced whales. Today we will take a look at some charts to understand what happened and at what state the market is right now. Let’s dive in and investigate.
We will start with the events of the previous week. If you are not familiar with CME futures and their influence on crypto market, you can find an article covering it on my blog. In short, experienced investors new the market will be manipulated to push the price down until futures expired. If you check stats on glassnode or cryptoquant or simply follow my blog, you saw whale’s holdings of BTC decreased. Large investors were selling at a good price just to get some free money to participate in the sale at the end of the week.
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The chart shows how large accounts were buying BTC. Every green circle in the highlighted area is at least 2000 BTC. It seems whales really expect BTC price to go up. Well, in all previous futures expiration this year we saw price going up. Let’s look at the market and see if it looking positive.
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In the past 9 days we saw BTC going out of exchanges. This is the first time we see more BTC coming to exchange than going out. Yet it is just a tiny spike on the chart. The overall trend to BTC supply shortage continues.
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Stable coin reserve on exchanges is hitting a new all-time high. The general rule for stable coins is easy. The more stable coins are sent to exchanges the more price of BTC and alts goes up. Crypto version of money printer continue to work pretty hard.
Summary
- Whales used recent deep to buy a good amount of BTC from smaller investors.
- Historically, we can expect price to go up after futures expiration.
- BTC supply shortage continues while more stable coins are going to exchanges. This opens up a road to further growth of BTC price.
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Disclaimer
I’m not a financial of any kind. I encourage you to check all information yourself and make decision only based on your own opinion. All articles are created for solely entertainment purpose.
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