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"Monster Bull Movement"? Whales could cause Bitcoin to rise



A well-known indicator that predicts bull runs is currently extremely bullish. Meanwhile, the whales are protecting themselves from the volatility of the US Federal Reserve.


Bitcoin ( BTC ) whales are being watched closely this week as buying and selling habits split opinions on BTC price action.


New findings from on-chain analytics firm CryptoQuant show that derivatives investors are most optimistic right now .


BTC price indicator "sick" gives bulls hope

In the second half of November there was a significant increase in the buy / sell ratio on the large derivatives trading platform Deribit. Analyst Cole Garner sees this as a sure sign that prices will react positively in the near future.


"Recently I saw that the ratio of buying and selling perpetuals on the Deribit Exchange is a sick leading indicator," he commented.


"This is a 30-day WMA. Any strong uptrend in this bull market has been preceded by strong bullish tendencies on this indicator. And it is signaling a monster bull move right now."

These data coincide with other recent observations from the stock market environment, as whales continue to be interested.



The reserves on the stock exchanges are at a four-year low. That means exchanges have less BTC on their balance sheets than they have ever had since the old all-time high of $ 20,000 in 2017.



Federal Reserve pressure on BTC positions

The other side of the coin, however, are the stablecoins. Withdrawals hit all-time highs this week, suggesting that the whales are hedging into BTC.


In this context,  "BTC is ready": Five important things to do about Bitcoin this week


"The Redeemed Stable Coin Index has hit an all-time high. I'm not sure the whales are cashing out ahead of the market volatility in response to the FOMC's December 16 announcement, but that's also one of the uncertainties," says CryptoQuant employee Dan Lim.


"So far we are still cautious until some ambiguities have been resolved."

The US Federal Reserve is holding a meeting this week to discuss the future of quantitative easing in the form of asset purchases. The outcome of this session could have far-reaching implications for macro and crypto markets. 

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