Journalist
Posted:
- Bitcoin remained stable even as sellers made profits.
- Whales made very optimistic bets as they hoped that BTC would rise further.
Bitcoin [BTC] has sparked optimism in the crypto space. As the price rose, many traders began to wonder if this momentum could be sustained.
No delay
By November 2, there were about $1 billion in deposits on Bitfinex, plus some people sold to take profits. This was a good sign, as the price of Bitcoin was still rising at the time of writing.
Another interesting thing was that the total amount of Bitcoin on the exchanges remained the same throughout the year, around 2.3 million BTC.
However, the Open Interest, which is how much people have bet on the price of Bitcoin, has fallen this year. Bitcoin’s price is still rising, driven by people betting on the futures market in 2021 and after problems with FTX in 2022.
Source: Glassnode
However, there were fears that investors’ profit-taking activities could cause volatility for Bitcoin, causing fluctuations in its value. But regardless, people’s continued interest in the royal coin indicated its robust nature.
BTC’s declining Open Interest suggested less speculative bets on Bitcoin’s price. This indicated a shift in the way Bitcoin’s price is determined, with speculators no longer having any influence over it.
Overall, these factors could lead to greater price stability for Bitcoin in the future.
Since November 2, give or take 5%, we’ve seen about $1 billion in inflows (@bitfinex) plus recent profit taking.
This is very unbelievable #Bitcoin continues to grind higher and digest this.
What’s even more interesting is that the total exchange rate balance this year is about flat, 2.3 million… pic.twitter.com/j2QqpmaJxJ
— James V. Straten (@jimmyvs24) November 11, 2023
Whales also became hopeful around BTC. The market is heating up – and some large accounts are taking bigger and bigger risks.
Is your portfolio green? Check out the BTC profit calculator
Furthermore, Arkham Intelligence data showed that the crypto market is becoming more active and some major players were taking bigger risks. A large account known as Kwenta Whale 0x160 had open long positions worth more than $35 million in GMX and Kwenta.
These moves indicated a high level of confidence and willingness to take significant risks in the crypto market.
You can use Arkham to track large deposits into GMX and Kwenta Smart Accounts – this will tell you when big traders are about to make significant moves.
View the Kwenta Whale account here:https://t.co/4FeEae0Gnq pic.twitter.com/qTL4uOD11f
— Arkham (@ArkhamIntel) November 11, 2023