Bitcoin (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.
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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
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