Analysts Identify Bitcoin Whales to be Behind the Recent Rally

Published 10/08/2023, 21:39
Updated 10/08/2023, 21:45
© Reuters.  Analysts Identify Bitcoin Whales to be Behind the Recent Rally

  • Bitcoin whales were behind the recent price rally in the crypto market.
  • Purple Whales converted a $20 million Bitcoin bid ladder into market orders to trigger the rally.
  • A Brown Whale joined the buying movement with a $2 million buy order, as seen on the FireCharts CVD.

According to Buffinton of the Altcoin Buzz YouTube channel, multiple analysts identified Bitcoin whales to be behind the recent price surge. He quoted Material Indicators, a crypto market data service provider, that identified Purple Whales’ decision to convert a $20 million Bitcoin bid ladder into market orders as the trigger to the recent price rally.

Material’s Indicator noted that Purple Whales did not stop there but continued buying upwards of $50 million. The market data provider also observed a Brown Whale who joined the Bitcoin buying movement with a $2 million buy order, as seen on the FireCharts CVD.

Buffinton observed a significant movement in Bitcoin price in the past few days. The YouTube presenter noted that Bitcoin rallied from a low of $28,700 all the way to $30,200 before consolidating at a crucial level of $29,800. However, he thinks dipping lower to the $29,250 level and finding support would be a more bullish development for the flagship cryptocurrency.

Buffinton also referenced Market Indicators’ concluding statement, which attributed the price pullback to profit-taking by those who bought at lower prices. He advised investors looking for an entry into the market to wait for things to settle down.

The Altcoin Buzz host highlighted that the United States’ first Spot Bitcoin Exchange Trust Fund (ETF) could be approved before February 2024. Buffinton quoted Mike Novogratz, CEO of Galaxy Digital, who cited sources at BlackRock and Invesco. Buffinton quoted Novogratz as saying the development is a big deal.

Novogratz relied on inside sources at BlackRock and Invesco who think the ETF approval is now a matter of ‘when’, not ‘if’, and that the outside window for this is six months. According to Buffinton, Novogratz Digital Galaxy is one of the many contenders for a spot Bitcoin ETF.

Buffinton thinks the fight for market share among these contenders could lead to increased demand for Bitcoin and form the tailwind to the expected bull run.

The post Analysts Identify Bitcoin Whales to be Behind the Recent Rally appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.