🧐 Who is selling Bitcoin? Here's an analyst's observations and perspectives
Bitcoin has had a strong start this year, with prices rising nearly 6% in just a few days, rekindling investor optimism. However, Bitcoin still hasn't managed to break through the significant psychological barrier of $100,000, leading to speculation about who is choosing to sell Bitcoin at this crucial moment.
Ki Young Ju, CEO of CryptoQuant, pointed out that seasoned Bitcoin holders, known as "old whales," are selling in large quantities, with over-the-counter (OTC) trading being a major driving force. However, the viewpoint suggests that this move may be a reallocation of their assets, impacting short-term trends but also creating conditions for new investors to enter the market.
As Bitcoin strives to break the $100,000 mark, market sentiment is mixed. While long-term demand and institutional interest indicate potential for an increase, the selling by large whales poses challenges. The next few days may reveal whether BTC can break through key resistance and usher in a historic rebound.
Ki Young Ju noted that although the selling behavior of whales is eye-catching, the high trading volume in OTC trading and the growth of exchange deposits reflect optimistic market confidence. This also indicates that the market has found a balance between whales pursuing profits and maintaining market stability. He added that buying pressure from U.S. institutions, particularly from Coinbase, is key, but Coinbase's daily premium has dropped to a two-year low, suggesting that institutional activity is not sufficient to drive significant increases in Bitcoin.
Ju believes that to drive Bitcoin's sustained rise, institutional demand must be boosted. Increased buying pressure is expected to help BTC break through resistance and continue its upward trend. Currently, the market remains in a delicate balance, and although investors are cautiously optimistic and expect a breakthrough at $100,000 as Bitcoin's price exceeds $95,000, the market is full of uncertainties, and bulls have yet to gather enough momentum to overcome the current selling pressure.
Meanwhile, the key support level of $92,000 is crucial for maintaining Bitcoin's long-term upward trend. A drop below this level could lead to a deep correction, and the current moment is a test of investors' faith.
In summary, Bitcoin is entering a volatile phase, and market participants should remain vigilant. If the market can maintain these key levels, it may prepare for the next bullish surge.
