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Some Bitfinex whales used the recent BTC rally in order to sell heavily into the rally as we can see in today’s BTC news below.
Bitcoin has undergone an extreme rally in the past few days and even hit $23,800 as the new all-time high level. the cryptocurrency has since corrected to $23,000 as a consolidation period that started after the massive push higher. The data however shows that some Bitfinex whales were not excited about the rally according to the order book data, which we can see shows huge amounts of BTC sold into the real. The fact that the asset held up well shows the strength of the rally.
The data shows that the Bitfinex whales sold heavily into the BTC rally as one crypto asset trader shared a chart showing the aftermath of the rally. It shows that there were huge selling walls in Bitfinex’s BTC markets during the move higher with the charts also showing that there were some serious sell walls at almost each price level from $20,000 up showing how there were some market participants that even didn’t think that BTC will go as high as it did.
There were also some that wanted to capture the buying liquidity that was surging into the market at the time. Brian Armstrong, CEO of Coinbase told the users that they should not get caught up in the volatility of the market:
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“We believe that crypto is a truly game-changing innovation and, at Coinbase, we take a long-term view of the market. While it’s great to see market rallies and see news organizations turn attention to this emerging asset class in a new way, we cannot emphasize enough how important it is to understand that investing in crypto is not without risk. For one, crypto can be a volatile asset class — often more so than the types of traditional financial instruments that most investors are used to.”
Many remained confident that BTC will move higher in the weeks ahead but there’s also strong support from Wall Street for Bitcoin. with as much institutional capital entering the crypto space, the market could surge higher than $40,000. Also, as we read earlier, Comparing the two market cycles from the past, Bitcoin’s bull run is more bullish than the one in 2017. The rally took the asset from $1,000 to $20,000 and some even predict that the rally will continue higher. Today marks the three full years after BTC topped out the 2017 price peak and that year alone, the leading crypto by market cap increased from $1000 to $20,000.
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