Thursday, September 23, 2021
HomeNewsWhales are long on Bitcoin

Whales are long on Bitcoin




Despite bitcoin price capers in calendar week 36, the overall picture shows a bullish picture. Old-school billionaires don’t want to admit it, though.

Whales go long. At least that’s what on-chain data released by CryptoQuant suggests. Accordingly, Bitcoin whales have recently stocked up on digital gold in order to set up long positions on derivative exchanges such as BitMEX. If you look at data from the past, these same market conditions were a good indicator for price increases.


If you look at the historical data, the price will rise in the long run [Akkumulierungen von Bitcoin-Walen],

writes Ki Young Ju, CEO of CryptoQuant Twitter.

All Exchanges to Derivates Exchanges Flow. Source: CryptoQuant.

In other words, whales took advantage of the recent price correction to fuel BTC. With the help of leveraged positions, you want to milk as much profit as possible from these. In the opinion of CryptoQuant, these are mainly long positions, which speaks for a bullish attitude of the whales.




However, on-chain data should be treated with caution. In the long term, they may make actual trends transparent here and there. In the short term, however, they can paint a very distorted picture.

By the way: All in all, the most recent correction was a normal sneeze.

Max Keizer is Max Keizer

“They fight us by printing money; that’s great because it makes our BTC more valuable. ” The king of the One Liners and Bitcoin veteran Max Keizer summarizes the current macro environment, which could not really provide a better breeding ground for Bitcoin. Because while one form of money is being printed at increasing speed, the growth in supply of the other tends to decrease.

Technically, Max Keiser’s price prediction at $ 220,000 is still possible by the end of the year.

In order to figure out the crypto sector, says Stacy Herbert, more and more on-chain analyzes such as that of Will Clemente are used.

On-chain analytics is something I don’t understand well. That is why I use more and more newsletters that explain the data,

so Herbert.

You can find the entire podcast with Dennis Porter here.

Old white men don’t understand Bitcoin

Less bullish is Lee Cooperman, billionaire and chairman of Omega Advisors, an asset manager with over $ 3 billion in capital under management. Opposite to CNBC said the manager:

I would be very careful with bitcoin. It doesn’t make a lot of sense, and if you’re nervous about the world, gold would be a better place for me to store value.

Lee Cooperman

What is decisive, however, is the sentence in front of it: “If you don’t understand Bitcoin, you are old. I make it easy for myself: I’m old, I don’t understand Bitcoin. ” Contrary to the pessimism of their boss, Omega Advisors advertises on the website with trading Bitcoin futures.

So much for that.



Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending News

Recent Comments