Massive Bitcoin buying volume was also spotted on two other exchanges
BTC/USDT pair is on Binance It recently tapped its single largest volume on Binance, indicating that an unnamed whale or large holder was ready to get as much BTC as possible below $19K. Massive bitcoin buying volume was also seen on two other exchanges.
While the reason for the massive buying remains unknown, whales are typically known to make use of periods of dip or consolidation to accumulate at a discount.
According to a recent report by on-chain analytics firm Glassnode, a historically significant scale of HODLing is currently taking place in the market. The 90-Day Coin Days Destroyed (CDD-90) metric, which measures the total of a coin’s day’s destruction over 90 days, helps visualize periods of high and low coin age spend, which effectively from one to an all-time reset. low.
This implies that older coins are essentially the most dormant they have ever been, and this adds weight to the case of extreme HODLing being the dominant investor behavior. Glassnode states, “It appears increasingly likely that the Bitcoin HODLers who remain are strapped in and willing to go wherever the Bitcoin ship takes them.”
bitcoin jumps 6%
Even as equities touched 2022 lows, bitcoin surged 6% to over $20,000, its highest level in more than a week. The fact that the S&P 500 closed at its lowest level since 2022 on Monday, with US stocks falling, suggests that the link between bitcoin and equities may be weakening.
At the time of publication, Bitcoin was nearly 5% higher at $20,160 but is still having trouble escaping its narrow trading range. In the meantime, traders are constantly monitoring the U.S. dollar. Since Bitcoin moves inversely to the dollar, a strong dollar is negative for the lead cryptocurrency and vice versa.
According to market observers, the dollar index could be peaking, which would indicate a possible downside for Bitcoin. This may also partly be a reason for the recent price rally of bitcoin.
