Reportedly, the BTC deposits on exchanges are dropping. Those who have been bullish on Bitcoin are able to see these happen. The sentiments around a probability of a rally are getting renewed.
There is not much of talk happening about Bitcoin post the pandemic. The risk of the downside is continuing for Bitcoin and it just looks like the Whales are refusing to sell. The hurdles for BTC to sustain its current value is increasing. A short term downside is expected.
A trend defining move is expected for investors. Some of them have to state that the current price should not be considered either bullish or bearish, trends are yet to be set. A lot of analysis is happening around the implied volatility of Bitcoin (BTC).
The fear index, which dictates volatility is defined by several factors like risk aversion of market makers. From the data available in the market, it is very clear that whales are not willing to sell large amounts of their Bitcoin at the current BTC price. Also, it is very evident that institutions are also accumulating BTC.
Sydney Ifergan, the crypto expert tweeted: “Market Makers are willing to accumulate and hold Bitcoin (BTC) and their unwillingness to sell is indicative of momentum gathering.”
There is less pressure from high-net worth Bitcoin holders for selling. The influence of high net worth BTC holders and institutions is very important when it comes to determining the status of the Bitcoin. In summary, Whales are very optimistic about the future of BTC.
Bitcoin (BTC) Pandemic Led Adoption of Cryptocurrency
A pandemic led adoption of cryptocurrency is very obvious. Several major financial institutions based on traditional model are already reeling down. They are struggling.
Forbes, recently published that a pre-pandemic demand was speculative. People were able to see the growth of BTC in the past. They have seen it has gained some decent wins. Therefore, they thought it was okay to put in 1% of their savings in to the cryptocurrency space. However, now they are able to realize that post-pandemic is something beyond their speculation.
People are considering facts like fixed circulation and that BTC will not be debased and lot of other unique qualities to BTC. People are beginning to think if they need to consider crypto as a safe haven to preserve their value.
High-Profile and well-established investors are looking at BTC as a potential hedge versus inflation. The reasons for Whales holding on to BTC is getting valid justifications.
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