Dep
Essential
- Joined
- 15.09.20
- Messages
- 67
- Reaction score
- 289
- Points
- 53
As the price of Bitcoin (BTC) breaks past $11,100 on Sep. 19, whale activities and Bakkt’s all-time high volume suggests strengthening momentum.
The 4-hour price chart of Bitcoin. Source: TradingView.com
According to CryptoQuant’s Ki Young Ju, fewer whales have been sending BTC to exchanges. Historically, the data indicates less selling pressure from high-net-worth Bitcoin holders.
Simultaneously, the daily volume of Bakkt’s institution-focused Bitcoin futures market achieved a record high. Operated by ICE, the parent company of the New York Stock Exchange (NYSE), Bakkt facilitates BTC trades for institutions.
The Bitcoin whale activity and Bakkt’s record volume suggest that both whales and institutions could be accumulating BTC.
One whale that sold Bitcoin at over $12,000 after holding it for two years had around 9,000 BTC. At the current market price of BTC at $11,070 that is nearly $100 million USD.
Considering the reduced risk of large sell orders, the declining appetite of whales to sell BTC is a positive factor. Ki said:
The optimistic activity of whales coincides with a clear spike in institutional demand for Bitcoin on Bakkt.
Bitcoin whale activity on exchanges. Source: CryptoQuant
According to Arcane Research and Skew, Bakkt reached a new all-time high daily volume on Sep. 15., the majority of which was physically-settled. It comes merely 24 hours after MicroStrategy purchased an additional $175 million worth of BTC.
The timing of the Bakkt’s Bitcoin futures market volume upsurge is worth noting because it closely follows MicroStrategy’s bulk purchase.
The historical volume of Bakkt Bitcoin Futures. Source: Skew
Based on the data, an argument could be made that some institutions are possibly acquiring BTC after MicroStrategy’s high-profile investment, particularly as some popular pricing models suggest undervaluation at current levels.
The 4-hour price chart of Bitcoin. Source: TradingView.com
According to CryptoQuant’s Ki Young Ju, fewer whales have been sending BTC to exchanges. Historically, the data indicates less selling pressure from high-net-worth Bitcoin holders.
Simultaneously, the daily volume of Bakkt’s institution-focused Bitcoin futures market achieved a record high. Operated by ICE, the parent company of the New York Stock Exchange (NYSE), Bakkt facilitates BTC trades for institutions.
The Bitcoin whale activity and Bakkt’s record volume suggest that both whales and institutions could be accumulating BTC.
Bitcoin continues to retest $11,000 as market data hint at an optimistic trend
Whales and institutions have an immense impact on the Bitcoin price because of the sizes of their trades.One whale that sold Bitcoin at over $12,000 after holding it for two years had around 9,000 BTC. At the current market price of BTC at $11,070 that is nearly $100 million USD.
Considering the reduced risk of large sell orders, the declining appetite of whales to sell BTC is a positive factor. Ki said:
The data CryptoQuant is referring to is a broad reserve of Bitcoin holdings of whales on exchanges. There are some whales that are selling at the current prices, as Cointelegraph previously reported. But the data shows that the majority of whales prefer not to sell at $11,000.
The optimistic activity of whales coincides with a clear spike in institutional demand for Bitcoin on Bakkt.
Bitcoin whale activity on exchanges. Source: CryptoQuant
According to Arcane Research and Skew, Bakkt reached a new all-time high daily volume on Sep. 15., the majority of which was physically-settled. It comes merely 24 hours after MicroStrategy purchased an additional $175 million worth of BTC.
The timing of the Bakkt’s Bitcoin futures market volume upsurge is worth noting because it closely follows MicroStrategy’s bulk purchase.
The historical volume of Bakkt Bitcoin Futures. Source: Skew
Based on the data, an argument could be made that some institutions are possibly acquiring BTC after MicroStrategy’s high-profile investment, particularly as some popular pricing models suggest undervaluation at current levels.