Will the market fall again on its second leg? Or maybe another dip below 48,000? 🥵
Please continue to track the data...👇🏻
The bearish state of the market has not changed, and the overall cryptocurrency chips have turned from long to neutral. The chip concentration of several major mainstream coins has turned from long to short, and the giant whales have shown obvious signs of being long/short... At present, only some old coins Strong performance, such as $AAVE $CRV, etc...
#BTC The concentration of chips has turned short and the momentum of short positions is decreasing. Why is this? Have there been similar situations in the past? Can we look for and deduce future changes through review? 🤔
So... based on historical data, we found that only 2024/04 and 2023/08 had similar situations in the past. 💡Let’s talk about the conclusion first. In both 2024/04 and 2023/08, the short momentum continued to decrease and then the price fell and bottomed out.
In both 2024/04 and 2023/08, there was a state of concentration of long chips. Then the price began to fall after the concentration of longs dropped, and the current concentration of BTC began to turn from long to short... In the first two cases, the market then broke low again. ...
The only difference from the first two cases is that the concentration of chips in 2024/08 has more long-term concentration (compared to 2024/04, 2023/08), so there is also the possibility that the market will have a low market that cannot be broken through the second test ( due to strong chip status). 🫣
From the perspective of funds 🪙 The current scarcity of funds is similar to that of 2024/04. During the decline, traders began to use more leverage; while the market sentiment is in a relatively pessimistic period, but the current pessimism is significantly weaker than before , the overall sentiment is contracting.
💡From the above, we can roughly understand that whales/professional traders have begun to be bearish on the market, but the overall sentiment and chip level are more optimistic than the previous times. We can continue to pay attention to the changes in chips and whale behavior after the subsequent decline to confirm whether Will make a second leg or break lower further.
Data source:blave.org
