Whale Garden, Daily Bitcoin Spot Volume Soars On Sale

After a quick initial recovery, Bitcoin seems to be losing momentum. The cryptocurrency met resistance as it approached $ 40,000, and even two major news events couldn't break it through that wall. At the time of writing this article, BTC is trading at $ 37,663 in a sideways move on lower timeframes. Over the longer time frames, the best cryptocurrency by market cap is retracing 13.6% and 24.6% on the 7-day and monthly chart, respectively. BTC is moving sideways on the daily chart. Source: BTCUSD Tradingview This was one of BTC's most brutal sales. The correction brought the price from around $ 60,000 to its current level. Most people believe that Bitcoin was triggered by Tesla CEO Elon Musk, who tweeted about the alleged carbon footprint. Although it is a catalyst, chain data show otherwise. A report by Arcane Research shows that daily Bitcoin spot volume reached an all-time high during May 19 sales. The research estimates that around $ 35 billion of transactions were made during this period. These data show that spot traders play an important role in selling. Arcana Research adds: The volume figure was the result of heavy dumps that occurred when the market collapsed and the whales bought the dive. Coinbase alone handled around 2 million transactions on May 19 (…). Source: Arcane Research As analyst William Clemente points out, most of the sales were made by cash buyers with the money generated during this bullish cycle. Therefore, the coins were purchased in December and April 2021, when Bitcoin's average price was $ 35,000, $ 45,000, and $ 60,000. Source: Who was behind the Glassnode Bitcoin sale via William Clemente? Analyst Ben Lilly provided a more detailed breakdown of the sale. The analyst identifies whales, miners and other market players for this event. This "trio" of actors adds to past events where whales were on the front. The analyst proved with the data on the chain that the BTC price reacted negatively to the increase in the number.

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