Whales Dump Ahead Of Bitcoin ATH, More Than 93K BTC Sold Since Peak

Tony "The Bull" Severino

1 year ago

2 mins read

bitcoin crypto whales btc Depositphotos_42923329_xl-2015

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Bitcoin price is now trading at roughly 15% less than it was just days ago, falling short of setting a new all-time high by just a few hundred dollars.

A new record was so close bulls could taste the victory, but the achievement was blocked by massive whales who reloaded centralized crypto exchanges with a flood of BTC to be dumped, stopping the rally in its tracks. Here’s what this could mean for the crypto market over the next few weeks.

Whales Flood Crypto Exchanges With 93K BTC, Bring Bitcoin Rally To Abrupt End

Bitcoin was moments away from making history, setting a new all-time high in price and breaking the 2017 crypto bubble record. New BTC addresses are at record highs, as is hash rate, and even the cryptocurrency’s market cap. But so far, price couldn’t yet follow.

A new all-time high in Bitcoin price could create a storm of FOMO, which whales potentially sought to stop just before the record was broken.

According to on-chain analytics, whales began moving BTC en masse to centralized crypto exchanges like Coinbase in the days and hours leading up to the near-recording breaking finish to the recent rally.

Whales have been moving $BTC into exchanges.#Bitcoin has faced a steep correction since Wednesday’s highs of $19,600

This drop started as soon as whales began to deposit BTC to exchanges. More than 93 thousand Bitcoin's were deposited into centralized exchanges. pic.twitter.com/ntq1yIlDeV

— IntoTheBlock (@intotheblock) November 27, 2020

Sell walls on Coinbase were reported, and whale watching on various crypto quant platforms were giving signs of their activity just before the selloff began.

Over $15 Billion In Profit Taken Since Peak Was Put In

Whales moved and sold as much as 93 BTC since the peak at $19,500, or roughly $1.5 billion in profit taken even at an average sell price of $17,000 per coin.

Whales got in the way of the crypto asset setting a new all-time high price record | Source: BTCUSD on TradingView.com

Where the rally stopped is notable for narrative-sake. Double-tops are notorious for causing unbreakable resistance, and the current price action is a candidate for such a top formation.

It could be enough to cause a bearish wave of doubt in the cryptocurrency, just as some negative news begins trickling into the market, in terms of self-custody regulation in the US.

The double-top narrative caused by whales taking profit during an extremely profitable year could provide the sentiment necessary for the final shakeout before the cryptocurrency goes full parabolic and races to its next peak.

All that starts with a break of the previous all-time high. Will whales continue to block the new record, or will the crypto asset’s unstoppable bullish momentum leave whales underwater?

Featured image from Deposit Photos, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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