Long-Term Bottom Signal in Bitcoin: Money Changes Hands Between Giant Exchanges!

CryptoQaunat analyst examined the data that could be a possible bottom signal for Bitcoin (BTC).

The analyst of on-chain analysis platform CryptoQaunat included the activity between giant cryptocurrency exchanges Binance and Bitfinex.

Stating that while the open interest rates in Bitmex are increasing rapidly, the open interest rate in Binance is starting to melt, the analyst explained what this situation means.

Bottom signal for Bitcoin?

He noted that such a scenario is often seen in situations where whales on Bitmex start accumulating their positions and retail investors on Binance are left out.

However, he emphasized that if the current downtrend reverses, a long-term bottom may have been achieved:

While open interest is increasing rapidly in Bitmex, open interest is losing momentum in Binance. This type of phenomenon is often seen when whales on Bitmex start accumulating their positions and retail investors on Binance are left out. If we make a reversal from this decline, it could indicate a longer-term bottom has arrived.