A surge in Bitcoin Funding rates suggests that there is currently a strong increase in shorts. This means there is an increased risk of shorts liquidations if whales suddenly start buying.
Such a scenario is more likely to take place when there is a high level of leverage in the market. The level of leverage is still low so far, hence the risk of liquidation may not be as pronounced.The BTC exchange reserve metric indicates a pivot after the latest sell pressure. Exchange reserves are on the rise, courtesy of the recent sell pressure.
On the other hand, the strong pullback observed this week has also offered a lower entry point that may entice many to start accumulating.The weighted sentiment metric is now at its highest weekly level due to the expectations of a relief rally. Additionally, the mean coin age metric has been on the rise for the last three days, suggesting that there has been a significant accumulation.One can also interpret it as a sign that many traders are HODLing amid the ongoing selling pressure.
Bitcoin investors should keep a close eye on whale activity. The recent price crash kicked into high gear after a large surge in the age-consumed metric, confirming a large number of sales. The same metric may offer insights into the next move by BTC whales especially one related to accumulation.Subscribe to get it daily in your inbox.
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