Sleeping Bitfinex Whales Withdraw 12K BTC
Bitcoin (BTC) whales holding long BTC positions on Bitfinex were suddenly cashed out on March 25 around 13:00 UTC, according to data from Datamish.
These wallets have been dormant since June 2022, and their combined value is 12,000 BTC, as the data indicates. This movement represents a small segment of investors motivated to exit their long and short BTC positions to take advantage of the recent price pump.
Bitfinex is going out
The March 25 payout marks the most significant change in BTC’s long positions since June of last year. The chart below represents the volume of long BTC positions since May 2022.
The 12,000 BTC drop occurred when the aggregate volume of long BTC positions was just over 110,000 BTC. Although the whale going out may indicate a bearish sentiment, the overall picture is not so pessimistic. At the time of writing, the total volume of BTC sitting in long positions is 93,511, reflecting strong bullish market sentiment.
Short positions
The behavior of investors holding short BTC positions also supports the bullish market sentiment. In accordance CryptoSlate analystsshort BTC positions have recorded a steady decline since late 2022.
They are currently at their lowest one-year mark. This indicates that “investors do not want to bet against BTC,” which CryptoSlate says analyst James V. Straten.
BTC price pump
BTC’s recent price pump contributed significantly to the current bullish market sentiment.
BTC surged above $28,000 on March 21st, leading to liquidations raising over $230 million within 24 hours. The increase also motivated the long-term owners to liquidate their positions, CryptoSlate research revealed March 21.
“Long-term owners are one of the most important factors,” the research states, “as their behavior determines local bottoms and fuels future price increases.” As soon as BTC broke through $28,000, long-term owners rushed to sell some of their holdings, causing the BTC price to drop slightly.
The same movement was recorded during the weak BTC price increase recorded on March 15. Long-term BTC holders sold out over 43,000 BTC between March 15th and March 17th.
Disclaimer: Our authors’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Do your own due diligence before doing anything related to the content of this article. Finally, CryptoSlate takes no responsibility if you lose money trading cryptocurrencies.
