Rumors that the SEC will approve the long-awaited spot Bitcoin ETF in the coming months have boosted BTC to $30,000, while also raising altcoins.
While this rise in BTC made investors happy, the data from the blockchain firm CryptoQuant was interpreted as a bullish signal.
Stating that the Bitcoin buyer buy-sell rate has increased at this point, CryptoQuant stated that this rise is a bullish signal for BTC.
Accordingly, the buying-selling rate of Bitcoin buyers increased in many exchanges, and the buyers gained the upper hand by surpassing the sellers.
According to the news of Coindesk, this ratio rose to 1.36 on August 1 on ByBit, the world's third largest crypto futures exchange, reaching a one-year high.
Apart from ByBit, this rate hit 1.17, the highest level in the last three months, on BitMEX on Tuesday; It rose to a six-month high of 1.31 on OKX on July 30.
Values above 1 in the BTC buyer buy-sell ratio indicate that the buying volume of the buyers is outpacing the selling volume, which is interpreted as a bullish signal, a sign of an uptrend in the market.
Sharing on this topic, CryptoQuant CEO Ki Young Ju stated that an increase in the buyer-selling ratio on low-volume exchanges such as BitMEX, that is, buyers overtake sellers, is usually a signal that purchases by whales or large investors are increasing.
“Bitcoin whales opened massive long positions at $29,000.”
#Bitcoin whales opened giga long positions at $29k.https://t.co/WulPUE47ab https://t.co/GNmIiRJ7EJ pic.twitter.com/CbJsn06plF
— Ki Young Ju (@ki_young_ju) August 8, 2023
Bitcoin, which rose above $ 30,000 with the rise last night, continues to be traded at $ 29,800 at the time of writing.
*Not investment advice.
