Bitcoin Whales Remain Out of the Public Eye

Since Bitcoin is still trading just below $100,000, Bitcoin whales are holding onto their holdings steadily. According to a crypto analyst, this cautious

As Bitcoin continues to trade just below the $100,000 mark,気になる話題をチェック crypto whale holdings have remained largely intact. However, a crypto analyst notes that this lack of immediate selling pressure may not rule out future sell-offs, especially with rising Bitcoin inflows into exchanges signaling potential market shifts.

CryptoQuant contributor Onat Tütüncüler highlighted this trend in a Nov. 2 analysis, emphasizing the importance of monitoring these movements to understand their market impact.

Since the U.S. presidential election win by Donald Trump on Nov. 5, significant Bitcoin inflows into crypto exchanges have been observed. While such inflows often signal impending sell-offs, this hasn’t been the case recently. Large holders, or whales, appear to be adopting a cautious strategy.

The Adjusted Spent Output Profit Ratio (aSOPR), a metric used to gauge profit-taking behavior, shows no major signs of market participants selling at a profit. This metric supports the view that whales are in a holding pattern, waiting for clearer market signals.

Traders usually retain Bitcoin during bull runs in anticipation of short-term growth before switching to other crypto assets. However, according to TradingView, since Nov. 28, Bitcoin's dominance has decreased by 5.54%. This drop indicates a change in market behavior and raises the possibility of a rotation into other crypto assets.

CoinMarketCap shows that the price of Bitcoin was $95,809 at the time of writing. Notably, long-term investors appear to be sticking to their strategy, evident in their average purchase price of $24,994 for the asset.

Bitcoin's current performance has led some traders to speculate on its potential to reach $100,000 by the end of 2024. However, according to cryptocurrency dealer Rekt Capital, who uses a pseudonym, Bitcoin is still undergoing a retest of its support levels. Higher lows, depicted by longer downward wicks, suggest sustained market pressure.

If the current trend continues, Rekt Capital believes that Bitcoin will regain its support at $96,400. On November 22, at $99,800, Bitcoin came very close to hitting $100,000, but it has since pulled back.

Regarding whether Bitcoin will end up in the rest of 2024, market experts have differing views. Ramp Network CEO and co-founder Szymon Sypniewicz thinks Bitcoin might reach $110,000 in the years to come. However, he was uncertain if this would occur before the year was out.

Sypniewicz noted that it is hard to pinpoint the precise dates of Bitcoin’s next significant innovation because market swings are to be expected. Both traders and long-term holders are keeping a tight eye out for any fresh events as the market continues to change