Bitcoin wobbles. Are whales selling?

Since the end of October, bitcoin has soared briefly to a record high of nearly $17,000. But as the price of bitcoin continues to fluctuate on spot exchanges, and as the year ends, many users believe that the whales have woken up and may be ready to sell. But according to the unused Bitcoin maps on Whalemaps, the money to buy the Whale wallet, which costs $12,000 or more in bitcoin, remains unused. In practice, agencies seem to be joining for purchase and HODLing.

The attached chart highlights the whale's wallet address (with a balance of more than 10,000 &t; BTC's exchanges and institutional wallets). As you can see, BTC purchases in most wallets range from $12,000 to $16,000.

Source: Whalemaps

The bubble on the chart represents the price at which unused or accumulated bitcoins are cashed out. Although most bitcoins are profitable, institutions have chosen to hold on rather than write down unrealized profits. That could be a signal to retail investors and traders. Unless there is a big change in these figures, bitcoin prices on spot exchanges are unlikely to fall sharply.

As bitcoin prices continue to rise, money flowing into trading platforms has not grown significantly, according to CryptoQuant, which looks a lot like institutional FOMO. Starting with MicroStrategy buying $500m of Bitcoin directly from its balance sheet, this has become institutional FOMO. With institutions buying HODL, now may be the right time to take advantage of the volatility of spot trading platforms. However, once institutions start selling bitcoins, we could see the price plummeet until trading volumes dry up.

However, it appears that the number of Bitcoins in the wallet on the trading platform has continued to decline, reaching the level of October 2018, and many users are still holding out.

来源： CryptoQuant

With less than 55 days to go until 2020, 2021 could be driven by more factors -- such as the launch of a digital renminbi, the possible approval of a Bitcoin ETF, or regulatory approval from top economies such as the European Union or the United States.

Bitcoin's gains and losses in the past week show that macro factors are strong, according to a new report from blockchain analytics firm Chainalysis. On November 9, following Pfizer's exciting coVID-19 vaccine announcement, the price of cryptocurrencies fell from $15,800 to $15,000, a development that suggests that bitcoin is a bet on uncertainty, and the more uncertainty there is in the market, the more users might choose to hold bitcoins.  

However, as vaccine news faded and pessimism spread, and the US election did not seem to go very well, uncertainty engended and Bitcoin passed $16,000. Chainalysis continues to suggest that Bitcoin and other "safe haven assets" will slow down until specific vaccine or stimulus announcements are announced.

"The higher prices since then suggest that financial markets need to see more progress on coVID-19 before they choose to withdraw from safe havens."

But as Chainalysis reports, "cryptocurrency prices are likely to continue to climb. But they will be impacted in many ways and investors should be thinking about volatility instead of price appreciation." The beat also serves as a reminder to investors that 2020 will be a turbulent year for economic markets. The global economic environment has fluctuated greatly due to the impact of the epidemic and the US election. The cryptographic market will also be affected by the macro environment, resulting in the fluctuation of the token price. Therefore, investors should be cautious to avoid asset losses.

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