FameEX Hot Topics | Bitcoin Whales Take 'Wait-and-See' Stance as Price Lingers Around $96K

Bitcoin whales are currently taking a cautious approach, refraining from making significant moves despite notable inflows of Bitcoin into exchanges. This behavior comes as Bitcoin hovers just below $100,000, raising concerns about potential volatility in the market.

On Nov. 2, CryptoQuant contributor Onat Tütüncüler highlighted the rising Bitcoin inflows into exchanges, which could indicate the possibility of future sell-offs. While there is no immediate pressure to sell, Tütüncüler emphasized the importance of closely monitoring these inflows, as they could have a major impact on the market if large transactions begin to occur. Despite the increased activity, whales appear to be holding back, potentially waiting for a clearer market direction.

Tütüncüler also pointed out that large Bitcoin transfers to exchanges have been occurring since Donald Trump's U.S. presidential election victory. While such transfers are typically a precursor to sell-offs, this time they seem to be part of a broader "wait-and-see" strategy. This suggests that whales are not yet ready to cash out, despite the significant movements in Bitcoin's price.

The Adjusted Spent Output Profit Ratio (aSOPR), a metric used to gauge profit-taking, also shows no signs of major selling activity. This further supports the notion that whales are holding their positions, likely waiting for more certainty before making any significant moves. Historically, such behavior is seen during bullish market phases when traders prefer to hold on to their assets in anticipation of further growth.

While Bitcoin’s dominance remains high, there are signs of a shift in the market. Since Nov. 28, Bitcoin’s dominance has dropped by 5.54%, which may indicate a rotation into other crypto assets. Although long-term Bitcoin holders continue to enjoy substantial profits, averaging around 3,800% returns, experts like Szymon Sypniewicz, CEO of Ramp Network, are unsure whether Bitcoin will break the $100,000 mark by the end of 2024, given the potential for market fluctuations.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.