Due to the optimistic whale making a large bet, Bitcoin has maintained price stability despite the seller's profit, indicating confidence in the further growth potential of Bitcoin.Although sellers profit, Bitcoin remains stable
Due to the optimistic whale making a large bet, Bitcoin has maintained price stability despite the seller's profit, indicating confidence in the further growth potential of Bitcoin.
- Although sellers profit, Bitcoin remains stable.
- The whales have made highly optimistic bets because they hope Bitcoin will soar further.
Bitcoin [BTC] has led optimism in the cryptocurrency sector. Although its price has risen, many traders have begun to question whether this trend can be sustained.
No deceleration
Around November 2nd, Bitfinex had approximately $1 billion in deposits, along with some selling profits. This is a good omen, as the price of Bitcoin is still rising as of the time of publication.
Another interesting thing is that the total amount of Bitcoin on the exchange remains unchanged throughout the year, at approximately 2.3 million Bitcoins.
However, there has been a decrease in open positions contracts (i.e. the amount of bets people place on the price of the special currency) this year. Driven by people's bets in the futures market in 2021 and issues with FTX in 2022, the price of Bitcoin is still rising.
However, some people are concerned that investors' profit taking activities may cause fluctuations in Bitcoin's value. However, the continued interest in the king's coin indicates its robust nature.
The decrease in Bitcoin's open positions indicates a decrease in speculative bets compared to the price of Bitcoin. This indicates a shift in the way Bitcoin prices are determined, no longer influenced by speculators.
Overall, these factors may lead to a more stable future price of Bitcoin.
The whales also hold hope for the special currency. The market is heating up - some large accounts are taking on increasing risks.
In addition, Arkham Intelligence data shows that the cryptocurrency market has become more active, with some major players taking on greater risks. A large account called KwentaWhale0x160 holds long positions worth over $35 million on GMX and Kwenta.
These measures demonstrate people's high confidence in the cryptocurrency market and willingness to take significant risks.
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