NewsletterBitcoin (BTC) Whale Trade Activity In A Key Turn; Is It Bullish Or Bearish?
Bitcoin (BTC) News: As the crypto market starts to show initial signs of recovery from the FTX collapse, there is a long way to go before bullish price stability. With the year 2022 coming to an end, traders are hoping for a change in momentum for cryptocurrency prices. This year, the crypto market endured two huge spells of crashes in the form of Terra network collapse and the FTX bankruptcy. Meanwhile, Bitcoin (BTC) price continues to hover around the same range as five years ago.
Also Read: Binance Completes Airdrop To Terra Classic (LUNC) And USTC Holders, Price Jumps
Bitcoin Whales Selling Spree
In an interesting trend, on chain activity points to increased selling among Bitcoin while the small retail traders continue to accumulate. Analysts observe that the current trend could be massively helpful in terms of reducing the wealth distribution gap. However, this could be a cause of concern for BTC holders in the shorter term as it could be a risky bet, according to Crypto Quant data. But it makes sense in the larger perspective as it could lead to more even distribution of the top cryptocurrency.
“Larger holders selling into smaller holders is really what you want to see if you believe in a longer-term Bitcoin thesis. Bitcoin becomes more distributed on the network. It is on the hands of more investors other than in the hands of a few whales.”
Also Read: Ethereum Price Prediction: Popular Analysts Suggest Best Level To Buy ETH
The cryptocurrency’s price is currently at an yearly low level. As of writing, BTC price stands at $16,692, down 0.89% in the last 24 hours, according to price tracking platform CoinMarketCap. It remains to be seen if the price would find an upward curve in January 2023 and beyond. On the macroeconomic front, challenges could remain in 2023 as the Fed suggested it could continue to raise interest rates.
Also Read: Explained: What is Physical NFT? and How to Sell Physical Items as NFT
Know More: Why This American Billionaire Investor Is Still Bullish On Bitcoin?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Coinbase Ends $2B BVNK Acquisition Talks Amid Stablecoin Race
- Arthur Hayes Buys UNI as CryptoQuant CEO Says Supply Shock ‘Inevitable’ for Uniswap
- Grayscale Launches Options Trading For Solana ETF as SOL Funds Record 10 Consecutive Daily Net Inflows
- Firelight Confirms November Mainnet as Flare TVL Rises and Xaman Introduces Smart Accounts
- Cardano News: Wirex Partners EMURGO To Launch First Ever ADA Card
- Ethereum Price Outlook as Whales and Institutions Boost Holdings — Can ETH Reclaim $4K Before Year-End?
- Can Dogecoin Price Hold Above $0.17 Amid Weekly Surge?
- Chainlink Price Could Crash as 3 Risky Patterns Form Amid Whale Selling
- Cardano Price Could Reclaim $0.7 After Key Stakeholders Add $204M in ADA
- Uniswap Price Soars 21% on Fee Switch and Token Burn Proposal— Eyes $15 Target
- Bitcoin Price Eyes Bulls as Crypto Market Structure Bill Draft Finally Drops
