Bitfinex Whale Activity Increases As Bitcoin Approaches $100k—Further Surge Ahead?
Bitcoin appears to have seen a steady recovery after underperforming in recent weeks, with its price now approaching $100,000.
In particular, so far, BTC has managed to recover some losses in recent weeks, with its price now hovering above $98,000, marking a 2.6% increase in the past seven days.
In addition to this price change, the new data highlights important activities of large holders in exchange, indicating changes in market dynamics.
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Bitfinex whale shows increased activity
A crypto analyst named Mignolet recently shared a detailed prospect About the exchange of whales and their impact on Bitcoin’s current price action. Mignolet’s observation focuses on the leverage ratios of major trading platforms. According to his analysis, “all exchange leverage ratio” is In history.
The measure captures the amount of leverage used on communication, reflecting the Growth of activity This could be before a significant price transfer. Interestingly, Bitfinex tells a different story despite Binance’s leverage ratio dropping to the last level of last year’s merger phase.
On Bitfinex, the leverage ratio has risen sharply, consistent with the increase in open interest. Mignolet stressed that this activity indicates a sudden increase in whale movement within the ongoing merger range.
Although these leverage ratios alone do not guarantee a specific price direction, the sharp rise in Bitfinex shows Market dynamic transfer The bear looked at it.
According to the secret analyst, the question now is: What are the purposes of these whales? Mignolet’s analysis cannot provide a clear answer, but it raises the possibility that significant prices will occur soon.
As Bitcoin’s price stabilizes above $98,000, these large-scale traders’ actions may affect the market’s damage or retreat Enter a more extended merge phase.
Bitcoin encounters potentially strong support zones
Meanwhile, Bitcoin continues to be below the six-digit price mark in the last week. While the asset has dropped about 8.7% from the all-time high (ATH) established in January, its price has risen over the past few days.
At the time of writing, Bitcoin was trading at $98,091, marking a 1.2% increase in the past day. according to data From the intotheblock, the asset seems to be See a formation “The area of large-scale demand is lower than current prices.”
Intotheblock stressed that if the market faces further downward pressure around the area, the area may be strongly supported.
The formation of large-scale demand zones is exactly lower than the current price👇
On-chain data shows that 2.76 million addresses have obtained 2.1 million $ btc The average price is 97.1k, highlighting this level of large purchase interest.
If the market faces further decline… pic.twitter.com/anm1kkxmte
– intotheblock (@intotheblock) February 21, 2025
Feature images created with DALL-E, TradingView’s chart
