While the developments in the Spot Ethereum ETF approval process last week caused a large increase in the price of ETH, the leading cryptocurrency Bitcoin recorded a more limited increase compared to ETH.
While investors are waiting for a big break in the BTC price, CryptoQuant analyst pointed out that whale movements have an impact on the BTC price and said that whale activities and transactions have increased recently.
Stating that increasing whale transactions also put constant pressure on the price, the analyst said that the BTC price has not experienced a major increase recently due to this pressure.
At this point, the analyst said that even if the whales did not sell, the increasing whale transactions prevented the BTC price from rising.
“Large investors, known as whales in the Bitcoin market, play an important role in price movements.
Whale activity indicates the participation of large investors in the market, and a high rate means whales are making significant transactions.
Recently, the whale activity rate has been showing a steady upward trend, indicating that major players are making more and more transactions.
The decreases marked by red arrows in the chart correspond to periods when the whale activity rate increases. This indicates that whales are selling, causing prices to drop.
Recently, the whale activity rate has been at high levels. This creates constant pressure on the price.
In other words, even if whales have not made major sales recently, their significant assets prevent prices from rising.
At this point, following the movements of large investors can be useful in predicting price changes.
It is useful to be prepared for sudden price drops, especially during periods when whale activity is high. Because, according to the graph, it can be seen that the BTC price also decreased during the period when whale activity increased.”
*This is not investment advice.