Bitcoin’s (BTC) price has moved sideways since the Tuesday flash crash that saw top cryptocurrency lose over 20% of its market value within an hour. The price fell from near $53K to sub $43K levels before recovering above $45K. The price volatility on Tuesday led to Bitcoin losing a strong on-chain support zone of $45K-$50K. The top cryptocurrency is currently trading at $46,153 and on-chain metrics indicate it might be gearing up for a next move up.
CryptoQuant CEO Ki-Young Ju pointed towards the growing whale activity on derivative platforms as they move their BTC holdings from cold storage and centralized exchanges to derivative exchanges. The move is believed to be for opening a new position or filling up margin gaps. Young pointed out that the majority of the new derivative positions are long which is a bullish sign.
Historical data indicates that the price of the top cryptocurrency goes higher in the wake of derivative accumulation by whales.
Bitcoin price is looking to regain its position above $50K again and derivative whale accumulation along with declining centralized exchange supply could help it push through the $50K barrier again. Bitcoin supply on exchanges is set to break the previous low creating a sell-side liquidity crisis.
FTX crypto exchange saw a massive 16,190 BTC being away from the platform yesterday, but many believe the large outflow could be a part of an internal transfer. However, irrespective of it being an internal transfer, the BTC supply on centralized exchanges continues to decline.
Bitcoin was looking set to test $55K resistance before the market experienced a flash crash reminding everyone about the infamous bearish September. The top cryptocurrency solidified its position above $50K in the first week of the month making many believe that this September could reverse the historical trend. However, the flash crash on Tuesday reminded back everyone about the historic trend. The on-chain metrics are building a bullish momentum again for the top cryptocurrency.
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