Bitcoin price continues to aim for $30,000 but data shows institutional funds selling Bitcoin, likely due to liquidity issues. Meanwhile, BTC whale investors have yet to join in on the current uptrend.
has likely caused a minor whale exodus from stablecoins. Santiment reported that “addresses holding between $100,000 to $10 million in stablecoins have been dropping slightly, but not to a notably high degree.”
Some miners booked some profit on March 14 when Bitcoin’s price broke above $25,000 for the first time and again a week later when it touched $28,000. However, the total holdings are still in an uptrend since the start of 2023.Retail investors on spot exchanges are driving prices The holdings of BTC addresses with less than 10 BTC continue to surge to new all-time highs. The distribution among small hands adds credibility to the “arguments against Bitcoin regarding supply concentration” among a few large holders.However, retail investors have a poor track record in timing market entries and exits. Thus, the participation of whale investors is crucial for confidence in the present rally.
. Currently, buyers are facing resistance from the June 2022 breakdown levels between $28,000 and $30,000.On the other hand, the CME futures data raises the chance of a pullback with two unfilled gaps toward $26,500 and $19,500. A price gap on CME futures charts is formed during U.S. holidays and weekends when the spot trading of Bitcoin on exchanges creates a difference between the closing and opening price on CME.
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