- The price of Bitcoin achieved a new all-time high above $42,000 on January 8. At the time, there was a high premium on Coinbase, which meant U.S. buyers drove up the market by aggressively accumulating BTC, but there is continuous selling pressure coming from Asia, and particularly from South Korea.
- Bitcoin corrected sharply after rising to $42,000, declining by over 7% in about eight hours. The sell-off coincided with significant whale activity across major exchanges. Trading activity in the altcoin futures market also demonstrated a similar trend.
- The Bitcoin market is currently seeing a battle between whales taking profit on their positions and new buyers in the U.S. market accumulating BTC. As such, there has been consistent extreme volatility ever since Bitcoin surpassed $30,000.
- The key metrics to observe are Bitcoin outflows from Coinbase and stablecoin inflows into major exchanges. When high-net-worth investors purchase Bitcoin, they prefer to move the BTC out of centralized exchanges for security purposes.
- According to researchers at Whalemap, as long as BTC remains above $38,719 and $38,700, which are two major whale cluster areas, the bull trend of BTC remains intact.
- Read the full story here
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