The end of the year for large Bitcoin holders, of which a significant share is occupied by public mining companies,is an excellent excuse to fix the partprofit and improved financial performance. After the cryptocurrency fell from $ 57 thousand to $ 42 thousand, the whales again increased the supply of Bitcoin to exchanges, preparing for another wave of sales.
Image source: cointelegraph.com
The whale exchange rate fixes the ratioinflow and outflow of large amounts in relation to the total inflow and outflow. In early December, the influx of large capital (coefficient 0.95) led to a 26% price correction, the continuation of this trend portends a correction of Bitcoin from current levels to $ 36 thousand.
Less traders in the futures marketsupport the sentiment of the whales, as the funding rate has returned from the negative zone. However, there is no need to talk about optimism yet. Funding rates rise when bulls dominate leverage and falls when bears dominate. It is now 0.
Image source: cryptoquant.com
Institutional Investor Share in Ethereumsignificantly lower, so the December Sale affects this coin to a lesser extent. So, in November, the volume of funds in investment funds with Bitcoin amounted to $ 48.7 billion, and with Ethereum - $ 16.6 billion.
Image source: cryptocompare.com
March Quarterly Futures Premiumof the 2022 contract, Ethereum also outperforms Bitcoin: 2.9% versus 2.6%, respectively. This confirms the higher appreciation of altcoin's growth prospects over the next four months. In addition, unlike Bitcoin, Ethereum practically did not lose in price in November, which is why the cross-rate updated its three-year maximum.
Image Source: Cryptocurrency ExchangeStormGain
The whales are gearing up for the end of the year and are selling off some of their Bitcoin holdings, which could lead to a new wave of correction soon.
Analytical group StormGain
(platform for trading, exchanging and storing cryptocurrency)
