Bitcoin (BTC) has seen a great correction this week, with more than 10 % of its highest levels ever stumbled with $ 124,000. Despite this recession, many are still optimistic about the encrypted currency capabilities to make more gains in the coming months.
David Billy, CEO of Bitcoin Magazine and Encryption consultant To President Donald Trump, attributed the last fluctuations to the activities of the big investors, which are usually referred to as “whales”.
Selling bitcoin caused by whales?
In modern social media mail In X (previously known as Twitter), Billy indicated that the prominent whales are responsible for the last sales, after they liquidated 80,000 and 120,000 BTC, respectively.
Interestingly, newsbtc I mentioned Last week, although although the standard flows of the Bitcoin boxes (ETFS) and the increasing attention from public companies, Binance may be one of these whales that regulate the sale.
Defitraler suggested that Binance may use the market maker, Wintermute, to implement trading strategically, thus creating a declining direction that retailer investors may follow. This strategy can allow profit from liquidation in the futures market.
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Add another layer to the current market dynamics, Arkham Data Analysis Company Detected The whale, which contains more than $ 5 billion in Bitcoin, has started buying ETHEREUM (ETHEM), which transports $ 1.1 billion from BTC to a new portfolio to facilitate these transactions.
Although Billy did not reveal the identities of the whales concerned, he indicated that one “has already decreased”, while the other in the middle of the road to a similar fate.
This may indicate that once these sales ends, the bitcoin price can regain its momentum, which may reach the Billy goal of $ 150,000 per currency, which indicates a significant increase of 36 % of the current price levels.
Public companies now have more than 6 % of BTC supplies
In addition to the activity of the alleged whale that suppresses the emerging bitcoin trends, the increasing participation of companies circulating in the public in the cryptocurrency market affects the stability of prices.
According to To the global market strategy of JPMorgan Nikolaos Panigirtzoglou, Treasury bonds now have more than 6 % of the total Bitcoin supplies, as they work as a form of quantitative mitigation for the private sector of encryption markets.
The analyst noted that the increase in bitcoin purchases by corporate bonds led to a decrease in encrypted currency fluctuations, which could make the origin more attractive to investors.
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Panigirtzoglou is highlighted in July alone, like public companies Strategy (Previously Microstrategy), representing nearly two -thirds of bitcoin purchases between the main buyers, including the boxes circulating on the stock exchange and government entities.
It suggests that this flow of institutional investment may reshape the Bitcoin and trading ownership scene, because declining fluctuations can enhance BTC’s attractiveness as an alternative to investment, especially compared to gold.
As of the writing of these lines, the leading cryptocurrency is traded at $ 110,900. This is a slight increase of 2 % in the past 24 hours and an increase of 90 % of the year to date.
Distinctive image from Dall-E, Chart from TradingView.com
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