Bitcoin has been struggling to regain strength in the past few months, leaving both short-term traders and long-term HODLers looking at the beginning of a possible crypto winter. Despite this, data from whale (large-scale investors) activity suggests that there might be a rhythm to the chaos of trading. According to Whalemap, an on-chain analytics data analyst, the trading of Bitcoin whales has had a major impact on the market in the past few weeks.
Looking at a new report from Whalemap, there has been a frequent correlation between whale activity and Bitcoin/USD tops and bottom trades.
Can it get easier than this?
— whalemap (@whale_map) June 7, 2022
Looking at Whalemap’s data, when Bitcoin whales choose to buy or sell, the market price reacts in turn. This insight might make trading “easier” if investors were to act in the same as the popular whale levels.
Whales are made up of large-scale retail investors as well as trading institutions, and exchanges. A trader Binance, one of cryptocurrency’s whale investors, has been a trading wallet that has been known to make waves in the market. As tweeted by Bitcoin analyst Credible Crypto, the “Binance whale” has marked the local trading zones recently.
This binance whale has marked every local top/bottom for the last two weeks. Been watching him come and go. Accumulating at the lows, capping price at the highs. Most recently filled 2,000 BTC (60 million) at the local lows at 29.2k before this pump we are seeing now. $BTC pic.twitter.com/STzfAxHXsN
— CrediBULL Crypto (@CredibleCrypto) June 7, 2022
However, there are other trading factors in the crypto market that might impact the price of the leading tokens. As it stands, Bitcoin and cryptocurrency’s values are correlating closer with the stock market; an association that the market hasn’t experienced strongly in the past.
The correlation with the stock markets is annoying.
— Michaël van de Poppe (@CryptoMichNL) June 7, 2022