Bitcoin’s price has moved an awful lot in the past 24-hours but the entire community was on market watch. With analysts tracking different metrics and changes in volume, CryptoQuant CEO observed a bit of activity from the whale’s side, or dare I say, a lack of activity.
Ki Yong Ju indicated on twitter that the Exchange Whale Ratio has been increasing since September 17th, but over the past few hours, the whale inflows have slowed down in the charts. There were signs of accumulation at $10,300 and collectively it was believed that BTC may recover sooner from its recent losses at the back of whale trading.
However, with on-chain fundamentals healthy in the market, any impact from Bitcoin whales might be the last thing space needs at the moment.
Bitcoin Whales movement and long-term rallies
The importance of Bitcoin Whales is unwavering in the digital asset space. Increasing their position in the market often leads to the organic growth of the asset as the supply is shortened and the demand remains high. They play a significant role in terms of controlling buying/selling pressure as well, keeping a tab on high retail sales or buys. However, it is always a temporary outcome whenever the Whale movement triggers a bull-run.
The price moves drastically in the charts and retail investors are sucked into the process. It creates a level of FOMO which leads to the desirability of gaining profits in a quick span. That is what the Bitcoin space does not need anymore.
With the market bottoming at the range near $10,000, for space, it is important the bullish rally comes at the back of collective volumes of retail and institutional. A flash pump and dump affect Bitcoin’s long-term position in the market as it causes a level of uncertainty among the retail traders.
On the other hand, development on the Institutional side can be a blessing
90% of Institutional Investors to increase Bitcoin Investment
According to a survey by Cryptocurrency insurance firm Evertas, 90% of accredited are supposedly looking to improve their position in digital assets. Meanwhile, a further 26% of respondents believe they will “dramatically” increase their investments in Bitcoin and other assets over the next few years.
Such developments are meaningful with respect to lifting market sentiment surrounding Bitcoin and currently, positives news will go a long way to strengthen BTC’s price run.
Hence, rather than a quick 5% hike within a few hours, the community should be hoping for a dragged out rally of 10% within the next month, before Bitcoin’s market undergoes its imminent price rush.
