CandleFocus No Sell-off Needed? Bitcoin Whales Buy Big While Old Holders Stay Put
2024-09-17
Author: Content Editor
Whales are taking advantage of Bitcoin's price decline by purchasing large amounts of Bitcoin. Crypto analytic firm CryptoQuant revealed that new whales and Binance traders are actively buying the dip, indicating potential market stability and price growth in the near future. First Digital Lab transferred $80 million FDUSD to Binance, suggesting a strong interest in buying Bitcoin. In the past, significant transfers by the firm led to price jumps of over 6.7%. However, if Bitcoin closes its daily candle below $57,000, it could fall another 5% to $54,000. The declining open interest suggests traders are either liquidating their positions or hesitant to enter new ones.
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