Cryptocurrency

Dormant Bitfinex whales cash out 12K BTC

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CoinDesk Consensus

A Bitcoin (BTC) whale holding a long Bitcoin (BTC) position on Bitfinex suddenly cashed out around 13:00 UTC on March 25, according to data from Datamish.

These wallets have been dormant since June 2022, with a total value of 12,000 BTC. data indicates The move represents a small segment of investors looking to let go of their long and short BTC positions to take advantage of the recent price rise.

Bitfinex withdraws

The March 25 cash out marks the biggest change in long BTC positions since June of last year. The chart below shows the amount of his BTC long position since May 2022.

BTC Long Position (Source: datamish)
BTC Long Position (Source: datamish)

The 12,000 BTC drop occurred when the total volume of long BTC positions slightly exceeded 110,000 BTC. While the whale exit may signal bearish sentiment, the big picture is less pessimistic. At the time of writing, the total amount of BTC in long positions is 93,511, which reflects strong bullish market sentiment.

short position

The behavior of investors holding short positions in BTC also supports bullish market sentiment.according to crypto slate Analystshort BTC positions have been steadily declining since the end of 2022.

BTC short position (source: datamish)
BTC short position (source: datamish)

They are now at their lowest level of the past year. This indicates that the investor does not want to bet on BTC. crypto slate Analyst James V. Straten said.

BTC price pump

BTC’s recent price rally has contributed significantly to the current bullish market sentiment.

BTC surged above $28,000 on March 21, with liquidations raising over $230 million in less than 24 hours. This surge has also motivated long-term holders to liquidate their positions. crypto slate A study revealed on March 21.

“Long-term holders are one of the most important factors,” said the study. As soon as BTC broke his $28,000 mark, long-term holders rushed to sell some of their holdings, causing the price of BTC to drop slightly.

The same movement was recorded during the slight rise in BTC price recorded on March 15th. Long-term BTC holders sold over 43,000 BTC between March 15th and March 17th.

At the time of press, Bitcoin ranks first in terms of market capitalization, and the price of BTC is Up 1.2% Within the last 24 hours. The market capitalization of BTC is $538.66 billion 24 hours trading volume $14.2 billion. Learn more >

BTCUSD chart by TradingView

Bitcoin on-chain analytics
Market overview

At the time of press, the global cryptocurrency market is valued at $1.16 trillion 24 hours volume $33.34 billionBitcoin dominance is now 46.32%. Learn more >

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