Whales are standing still. The market for cryptocurrencies will have had an anthological month of November. Indeed, its overall capitalization recorded an increase of 50% over this period alone. And the central question now is whether an altseason is well and truly starting. Because BTC is currently taking a well-deserved break just below the symbolic level of $100,000. The opportunity for its whales to prepare for what comes next. With a strategy for the moment based on the fact to wait and see how this will evolve.
- The cryptocurrency market saw a significant 50% surge in November, raising questions about a potential altseason.
- Bitcoin whales are adopting a wait-and-see strategy, while the influx to centralized exchanges raises concerns about possible selling pressure.
Bitcoin: are whales preparing to sell?
The increase in Bitcoin does not happen never in a straight line. And suffice to say that the impressive stages of the type 100 000 $ are among those who can take time to cross for good. With the prospect of a lateralization of which only BTC has the secret.
Because the risk of an exceptional month of November is to see to be followed by a possibly more disappointing December period. With the prospect of a BTC hesitating below this fateful threshold for weeks that could end up being months.
A situation that pushes the most experienced traders and other Bitcoin whales have their back. Just look at how the first top of the April 2021 bull market ended up a drop of more than 50%. This before finally find your second wind at the end of July to record his ATH.
And the recent influx of BTC towards exchanges centralized (CEX) is a alert not to be neglected. In any case, this is the opinion recently expressed by Onat Tütüncüler, trader at the CryptoQuant analysis structure. But don't panic For now…
“While there is currently no immediate selling pressure, the growing inflow of Bitcoin to exchanges highlights potential risk to future selling. As such, these movements should be closely monitored to anticipate any possible impact on the market. »
Onat Tobacconists
A waiting strategy?
A dynamic that pushes analyst Onat Tütüncüler to offer “a nuanced perspective” on the subject. Because a movement of funds to centralized platforms has been recorded since the election of Donald Trumpon November 5. And this would mainly concern “ addresses of active whales ».
However, the indicator Adjusted Spent Output Profit Ratio (aSOPR) of Bitcoin “does not indicate no profit taking activity yet significant”. Because this tool makes it possible to measure the significant changes in the overall market trajectory as profits are absorbed by trading volumes.
“While the large influx of Bitcoin suggests the potential for near-term selling pressure, the fact that these assets were not immediately sold implies that they may be intended for other purposes. (…) This behavior reflects a “waiting strategy” currently applied by the whales. »
Onat Tobacconists
Typically in this type of bullish setup, traders are waiting to be sure that BTC is paused before transferring their liquidity to the altcoin market. And, clearly, this dynamic still needs to be confirmedeven if certain clues suggest that it has already started. Because many analysts agree on the low probability of see Bitcoin cross $100,000 before the end of the year. To be continued…
