Bitcoin fell under the distribution due to verbal interventions and air troubles on the Kraken exchange. On Thursday, rising Treasury yields triggered a rally in the dollar and a fall in US stocks. The blast wave hooked bitcoin. Sellers moved at least $ 44,106.
This week the liquidity has worked for several billion. On futures, even the volumes have decreased. Market capitalization decreased by about $ 350 billion. Glassnode also provided interesting information. Who knows what a COT report is, he will immediately understand where bitcoins flowed.
There is the following classification for wallets:
Whales - from 1,000 to 10,000 BTC. Actually more like the Commercials from the COT report.
Sharks - from 100 to 1000 BTC. These are similar to the large speculators, which are listed as Non-Commercial in the COT report.
The lines show how sharks follow the price, and the actions of whales are mirror-like. I drew lines over the graph to show specularity. It has been clearly observed since January 21. I think there are a lot of players involved who hedge risks through options, so we see this picture.
What do the experts at Glassnode write?
Whales were bought in January and sold in February.
Since the beginning of February, major players have sold about 140,000 BTC - this is the tactic of the "whales" that control from 1,000 to 10,000 BTC, and provoked a sharp drop in the value of Bitcoin this week.
In January, major players acquired about 80,000 BTC, and this month they have unanimously moved to a large-scale sale, having received more than $ 6.7 billion in revenue.
A different tactic was followed by the "sharks", whose addresses control from 100 to 1000 BTC. If last month they sold more than 95,000 coins, then in February they, on the contrary, purchased 117,000 BTC.
In other words, sharks bought Bitcoin from the whales.
The downward correction was slightly more than 23.6% of the growth from $ 4000 to $ 58321 (quotes from Bitfinex) or 24.5% (- $ 14294). Over the past 24 hours, there were $ 582 million in long liquidity.
The price bounced back from 44.1 thousand, leaving a long shadow (hammer) the other day. At the weekly TF, the setup (bearish engulfing) is not being formed very well for buyers. I didn’t start plotting price levels on the chart. Today is Friday. Buyers have 2 days to neutralize the bearish setup. If something interesting is formed over the weekend, I will definitely write. Buyers need to skip 52500 to exhale. Sp500 came out on top while writing a review.