Bitcoin's (BTC) price has moved sideways since the Tuesday flash crash that saw top cryptocurrency lose over 20% of its market value within an hour. The price fell from near $53K to sub $43K levels before recovering above $45K. The price volatility on Tuesday led to Bitcoin losing a strong on-chain support zone of $45K-$50K. The top cryptocurrency is currently trading at $46,153 and on-chain metrics indicate it might be gearing up for a next move up.
CryptoQuant CEO Ki-Young Ju pointed towards the growing balenă activity on derivative platforms as they move their BTC holdings from cold storage and centralized exchanges to derivative exchanges. The move is believed to be for opening a new position or filling up margin gaps. Young pointed out that the majority of the new derivative positions are long which is a bullish sign.
Historical data indicates that the price of the top cryptocurrency goes higher in the wake of derivative accumulation by whales.
Balenele trimit $ BTC la schimburi de instrumente financiare derivate din alte burse pentru a stabili noi poziții sau pentru a umple marje.
Dacă te uiți la datele istorice, prețul crește pe termen lung după acumularea acestora. Pozițiile lor par a fi poziții lungi.https://t.co/O0imZE7DIv
- Ki Young Ju 주기영 (@ki_young_ju) 10 Septembrie, 2021
Bitcoin Price Could Benefit From Sell-Side Liquidity Crisis
Prețul biți is looking to regain its position above $50K again and derivative whale accumulation along with declining centralized exchange supply could help it push through the $50K barrier again. Bitcoin supply on exchanges is set to break the previous low creating a sell-side liquidity crisis.
Schimb criptografic FTX saw a massive 16,190 BTC being away from the platform yesterday, but many believe the large outflow could be a part of an internal transfer. However, irrespective of it being an internal transfer, the BTC supply on centralized exchanges continues to decline.
According to CryptoQuant, 7 hours ago, FTX had a large outflow of Bitcoin, the outflow amount was about 16,190 BTC, and the current Bitcoin balance on the FTX was about 33,200 BTC. (Such a huge outflow may be due to internal wallet sorting) pic.twitter.com/6OVBfYaOXy
- Wu Blockchain (@WuBlockchain) 10 Septembrie, 2021
Bitcoin was looking set to test $55K resistance before the market experienced a flash crash reminding everyone about the infamous bearish September. The top cryptocurrency solidified its position above $50K in the first week of the month making many believe that this September could reverse the historical trend. However, the flash crash on Tuesday reminded back everyone about the historic trend. The on-chain metrics are building a bullish momentum again for the top cryptocurrency.
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