Bitcoin continued to trade sideways between $63,000 and $64,000. At press time, $BTC The stock rose 1.82% in 24 hours to trade at around $63,923.
However, trading volumes fell by 46%, reflecting a decline in market participants.
Why is this Bitcoin whale back?
As Bitcoin ($BTC) traded sideways, but a long-term holder returned to the market after a year of inactivity.
According to Onchain Lens, Whale Wallet received an additional $1,001 $BTC Worth approximately $64 million. A year ago, Whale acquired $290 million worth of Bitcoin through Galaxy Digital.
Their return amid sluggish market conditions suggested renewed confidence, but transfers alone were not enough to confirm an increase in demand for whales.
Are other whales also buying? $BTC?
Interestingly, even though this whale has returned, other whales have significantly reduced in size and are now on the sidelines.
Looking at the Exchange Whale Ratio, this metric continues to move sideways, holding around 0.3 for the past three days. In the short term, this indicator shows that whale buying and selling has decreased.
This ratio decreased from 0.33 to 0.31. This means that the largest inflows are a slightly smaller proportion of total deposits.
In contrast, spot net flows remained negative for the fourth consecutive day, indicating that outflows across the exchange exceeded inflows.
Spot Netflow was close to -$10.86 million at the time of writing. If the outflow continues, selling pressure may ease for the time being, but no accumulation of whales was confirmed.
what’s next $BTC?
Some whales are still active in the market, but demand remains weak. The group’s purchasing activity currently remains below par.
As a result, downside risk remains high. If we look at ADX using the SMA indicator, we can see that the positive indicator continues to fall. +DI fell to 14, while negative index rose to 26 and ADX to 17.
ADX and -DI rising together suggests stronger downward pressure. Therefore, Bitcoin is most likely to experience some losses on the price chart.
If the demand for whales remains as low as it is now, $BTC could fall below $63,000 again and fall towards $62,697, where the long MA is currently located. To prevent further discrepancies, $BTC You need to hold above $63,906 and flip $64,000.
Final summary
- Dormant Whales received 1,001 $BTC If it was inactive for a year, it would be worth $64 million.
- Negative spot net flows reduced near-term supply, but broad-based demand and price momentum remained weak.
