 ▲ Bitcoin/Source: ChatGPT generated image |
The Bitcoin (BTC) market is fluctuating greatly due to various global events and active movements of big players.
According to Marcus Thielen of 10X Research, Bitcoin is currently oversold, due to a combination of factors including Mt. Gox's bond redemption, the German government's sale of seized BTC, selling pressure from miners, and net outflows from spot ETFs. It seems to have been caused by them.
In particular, according to cryptocurrency analyst HODL15 Capital, a whale address called 'Mr. 100' has recently purchased an additional 107.84 BTC and is influencing the market.
Additionally, IntotheBlock's report said that mega whales, which hold more than 0.1% of the Bitcoin supply, accumulated approximately 7,130 BTC during the day. Such large-scale accumulation can be interpreted as a strong signal from the market.
Meanwhile, celebrities such as Robert Kiyosaki are also using the market's decline as a buying opportunity, and Kiyosaki revealed that he is adopting a 'jumper' strategy, emphasizing a long-term holding strategy rather than trading.
In addition, according to data from financial information platform Farside Investor, net outflows occurred from the U.S. Bitcoin spot ETF for seven consecutive trading days, indicating cautious movements by investors.
Mt. Gox's start of bond repayment could further encourage this volatility, as it announced on its official site that it will begin repaying Bitcoin and Bitcoin Cash (BCH) to creditors from early July 2024. This situation requires investors to be cautious and be prepared to seize appropriate opportunities.
As all of these factors overlap, the Bitcoin market is currently in a situation where uncertainty and opportunity coexist due to the accumulation of whales and the influence of major events.
Based on CoinMarketCap, Bitcoin (BTC) is trading around $61,000 on the 25th. This is a drop of approximately 17% from the all-time high of $73,750 recorded on March 14th.
