Bitcoin price stabilizes around $96,000, whales start to wait and see

On November 2, CryptoQuant contributor Onat Tütüncüler warned that more and more BTC is starting to flow into cryptocurrency exchanges, and although there is currently no selling pressure, Tütüncüler pointed out that the increase in BTC inflows may indicate a risk of future sell-offs. He emphasized the need to closely monitor the trend of this situation, as if there is a large-scale inflow, it could have a significant impact on the crypto market. Tütüncüler further emphasized that BTC flowing into exchanges has been steadily rising since Donald Trump won the US presidential election. From a historical perspective, this is often seen as a harbinger of sell-offs. However, in this bull market, this is more likely to be part of the "wait-and-see" strategy of BTC whales. Because after the sharp increase in inflows, the market did not show signs of significant profit-taking or market exit. The current market's aSOPR indicator data shows that there is no obvious selling activity, indicating that whales are still holding their positions, possibly waiting for clear market signals. Historically, this behavior usually occurs during bull markets, with traders being cautious about selling BTC too early. Although whales have generally taken a cautious approach, BTC's dominance in the market has begun to decline. Since November 28, BTC's market dominance has dropped by 5.54%, indicating that the market may be undergoing an asset rotation, with funds starting to flow significantly into other cryptocurrencies. Although long-term BTC holders still maintain substantial profits, with an average return of around 3800%, some analysts are still uncertain whether BTC can break through the $100,000 mark by the end of 2024, and expect significant market volatility in the process. Disclaimer: The information provided in this section is for reference only and does not constitute any investment advice or official view of FameEX.