On-chain data contradicts reports that whales have been aggressively accumulating. We explore the potential outcome.
bounced back by over 3% during the trading session on the 2nd of September. Part of this performance was excitement triggered by reports that whales were accumulating BTC., whales have also been moving Bitcoin onto exchanges despite healthy outflows. This may suggest that whales have been trying to trigger more volatility in the market.
Despite these reports, AMBCrypto also observed negative netflows from Bitcoin ETFs, which did not exactly inspire confidence.IntoTheBlock data revealed that addresses holding between $100,000 and $1 million worth of BTC dropped from just over 516,000 addresses on the 25th of August to over 486,500 addresses by the 2nd of September.Addresses in the $1 million to $10 million worth of BTC range also dropped from 100,540 addresses to 96,150 addresses during the same period.
Addresses holding more than $10 million worth of Bitcoin dropped from 100,440 addresses to 100,000 addresses.The data confirmed that a significant number of whales contributed to sell pressure. So, the hype may have been a classic inducement attempt, where the market gets hyped up and provides exit liquidity for the sellers.Inducement levels are usually characterized by a surge in appetite for leveraged positions. We observed a pile up of 25.
The surge in long positions indicated growing expectations of more upside. This also coincided with the resurgence of appetite for leverage.This signaled that the market has been embracing more leverage and could potentially be building towards heavy liquidations in case of another crash.Bitcoin exchanged hands at $58,861 at press time, after a 0.47% discount in the last 24 hours.
The next 24 hours will be critical for Bitcoin as the market awaits the next FED decision regarding interest rates. This may result in a volatile second half of the week.
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