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bitcoin whale
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“Intense” Bitcoin Whale Exchange Flow Could Be Behind Weekend Crash

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Blockchain, Cryptocurrency news, Technical analysis
Reading Time: 3 mins read
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Bitcoin went into the weekend on a strong note, taking out $11,000 and holding above it. But after the cryptocurrency made an attempt at $11,200 a rejection has the asset’s price back to $10,500 where its now at risk of a steeper correction.

Blockchain data shows that the weekend crash could have been driven by whales offloading their BTC. But why did the flow of “whale” funds suddenly get so “intense” and what does this say about how deep the correction goes?

Live From Saturday Night! Weekend Bitcoin Price Pump Rejected

The leading cryptocurrency by market cap appeared primed to pump all through the weekend, but halfway through came to a halt. On Saturday, Bitcoin price set a peak high of $11,180 on crypto exchange Coinbase before a sharp reversal.

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The rejection from the high sent the crypto asset’s price momentum downward, breaking down through the bottom trend line support of a rising wedge chart pattern.

bitcoin btcusd

BTCUSD Ascending Wedge Confirms Head and Shoulders S:R Flip | Source: TradingView

Ascending wedges are typically bearish reversal patterns. The rising and narrowing structure tricks market participants into believing an asset’s price is going up, only to later be dumped on and stop losses taken out that have accumulated on the way up.

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Related Reading | Bitcoin Bouncing From Bull Market Support Points To 2021 As The Year Of Crypto

The combination of new sellers and buyers having stops triggered at a loss results in a more violent fall. However, there could also be something else that has added to the severity of the over $700 drop in 48 hours.

bitcoin btcusd

100+ BTC Whale Wallets Flow To Exchanges | Source: glassnode

Crypto Whales Watching Results In Intense Behavior Observed

According to glassnode data spotted by a sharp-eyed crypto analyst, the flow of BTC coming from “whales” increased rapidly ahead of the selloff.

These Bitcoin whales all have a balance of 100 BTC or more, or roughly the equivalent of a cool million as of this writing. The wallets containing this amount of Bitcoin or higher suddenly exhibited some “intense” behavior according to the analyst.

Fully transparent blockchain data also confirms that this Bitcoin was sent directly to cryptocurrency exchanges, and not just from one wallet to another.

But what’s the reason for the sudden switch? Previously, whales had been observed moving Bitcoin off of exchanges to hold for the long haul.

Related Reading | US Stock Indices Dow Jones, SPX Tank, Taking Down Bitcoin In Tandem

Recently, however, mining pools and other larger entities are back to pushing Bitcoin to exchanges, but why?

The mood is suddenly shifting in the market once again, from irrational exuberance to fear, uncertainty, and doubt. Profits have been made, and soon assets could be sold off to secure those paper gains if things start falling harder.

The US election and several other key factors hanging over markets make for a fearful future for the rest of the year. But does that mean it is time to be greedy, and those who buy the coming blood will be rewarded when its all over? Or is the blood bath about to get so bad, that not even Bitcoin is safe for what’s to come?

Featured image from DepositPhotos, Charts from TradingView and Glassnode
Tags: bitcoinblockchainbtcbtcusdbtcusdcBTCUSDTcryptoglassnodewhalesxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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