{"id":564413,"date":"2023-12-07T21:00:20","date_gmt":"2023-12-07T21:00:20","guid":{"rendered":"https:\/\/wncen.com\/?p=564413"},"modified":"2024-06-11T11:21:52","modified_gmt":"2024-06-11T11:21:52","slug":"bitcoin-whales-driving-rally-taking-profits","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-whales-driving-rally-taking-profits\/","title":{"rendered":"Bitcoin Whales Driving The Rally Are Now Taking Profits, Data Suggests"},"content":{"rendered":"

Data shows that the Bitcoin whales that may have been helping drive the latest rally have switched to profit-taking instead.<\/p>\n

Bitcoin Whales On BitMEX Have Changed Their Tune Recently<\/h2>\n

An analyst in a CryptoQuant Quicktake post<\/a> explained that the BitMEX whales were likely the ones helping fuel the latest rally. The relevant indicator here is the “Open Interest<\/a>,” which keeps track of the total amount of Bitcoin derivative positions open on a centralized exchange.<\/p>\n

When this metric’s value increases, investors are opening up new contracts on the platform. On the other hand, a decline suggests the holders are either getting liquidated or closing up their positions of their own volition.<\/p>\n

Related Reading: Cardano Could See 70% Rally To $0.75, Analyst Predicts When<\/a><\/div>\n

Now, here is a chart that shows the trend in the Bitcoin Open Interest for two exchanges, BitMEX and Binance, over the past few weeks:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has gone down for BitMEX in recent days | Source: CryptoQuant<\/a><\/pre>\n
The graph shows that the Bitcoin Open Interest on BitMEX had observed a sharp rise at the start of the month when the cryptocurrency’s price was still trading around the $38,000 level.<\/p>\n
This open interest increase followed a sharp rally<\/a> for BTC towards the $44,000 mark. As is visible in the chart, the indicator’s value for Binance also registered an increase as the rally occurred, but BitMEX’s rise stands out as it was huge and pretty much happened in one go before the rally.<\/p>\n
Since BTC has hit its local top above the $44,000 level, though, the BitMEX Open Interest has plummeted, implying a large-scale closure of positions on the platform has taken place. On the other hand, the metric’s value for Binance has continued to stay high.<\/p>\n
The quant has also attached charts of another metric for the two exchanges: the “Funding Rates<\/a>.” The funding rates keep track of the periodic fee the derivative traders on an exchange currently pay each other.<\/p>\n
When this indicator has a positive value, the longs are paying a premium to the shorts to hold onto their positions right now. This suggests that the traders on the platform share a majority of bullish sentiment.<\/p>\n
The BitMEX Funding Rates had been favorable for the duration that the Open Interest had been at high levels, implying that most positions had been extended. However, with the plunge in the indicator, the Funding Rates have returned to neutral values.<\/p>\n
Related Reading: Is Bitcoin Overvalued Yet? What Historical Data Suggests<\/a><\/div>\n
Based on this pattern, the analyst thinks the BitMEX whales, potentially driving the rally earlier, have already taken their profits, as they closed up a large chunk of their positions near the top.<\/p>\n
The Open Interest hasn’t completely retraced itself yet, but the fact that most of these whales have decided to pull out may be a troubling sign for the rally’s continuation.<\/p>\n
BTC Price<\/h2>\n
Bitcoin has seen some retrace during the past day as the coin’s price is now floating around $43,600.<\/p>\n
\"Bitcoin<\/p>\n
The value of the cryptocurrency seems to have gone up sharply recently | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Vivek Kumar on Unsplash.com charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Data shows that the Bitcoin whales that may have been helping drive the latest rally have switched to profit-taking instead. Bitcoin Whales On BitMEX Have Changed Their Tune Recently An analyst in a CryptoQuant Quicktake post explained that the BitMEX whales were likely the ones helping fuel the latest rally. The relevant indicator here is the “Open Interest,” which keeps track of the total amount of Bitcoin derivative positions open on a centralized exchange. When this metric’s value increases, investors are opening up new contracts on the platform. On the other hand, a decline suggests the holders are either getting liquidated or closing up their positions of their own volition. Related Reading: Cardano Could See 70% Rally To $0.75, Analyst Predicts When Now, here is a chart that shows the trend in the Bitcoin Open Interest for two exchanges, BitMEX and Binance, over the past few weeks: Looks like the value of the metric has gone down for BitMEX in recent days | Source: CryptoQuant The graph shows that the Bitcoin Open Interest on BitMEX had observed a sharp rise at the start of the month when the cryptocurrency’s price was still trading around the $38,000 level. This open interest increase followed a sharp rally for BTC towards the $44,000 mark. As is visible in the chart, the indicator’s value for Binance also registered an increase as the rally occurred, but BitMEX’s rise stands out as it was huge and pretty much happened in one go before the rally. Since BTC has hit its local top above the $44,000 level, though, the BitMEX Open Interest has plummeted, implying a large-scale closure of positions on the platform has taken place. On the other hand, the metric’s value for Binance has continued to stay high. The quant has also attached charts of another metric for the two exchanges: the “Funding Rates.” The funding rates keep track of the periodic fee the derivative traders on an exchange currently pay each other. When this indicator has a positive value, the longs are paying a premium to the shorts to hold onto their positions right now. This suggests that the traders on the platform share a majority of bullish sentiment. The BitMEX Funding Rates had been favorable for the duration that the Open Interest had been at high levels, implying that most positions had been extended. However, with the plunge in the indicator, the Funding Rates have returned to neutral values. Related Reading: Is Bitcoin Overvalued Yet? What Historical Data Suggests Based on this pattern, the analyst thinks the BitMEX whales, potentially driving the rally earlier, have already taken their profits, as they closed up a large chunk of their positions near the top. The Open Interest hasn’t completely retraced itself yet, but the fact that most of these whales have decided to pull out may be a troubling sign for the rally’s continuation. BTC Price Bitcoin has seen some retrace during the past day as the coin’s price is now floating around $43,600. The value of the cryptocurrency seems to have gone up sharply recently | Source: BTCUSD on TradingView Featured image from Vivek Kumar on Unsplash.com charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":564427,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,461,85496,6481,84738,19064,1119,1144],"class_list":["post-564413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bearish","tag-bitcoin-profit-taking","tag-bitcoin-rally","tag-bitcoin-top","tag-bitcoin-whales","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Whales Driving The Rally Are Now Taking Profits, Data Suggests<\/title>\n<meta name=\"description\" content=\"Data shows the Bitcoin whales that may have been helping 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Whales Driving The Rally Are Now Taking Profits, Data Suggests","url":"http:\/\/wncen.com\/news\/bitcoin-whales-driving-rally-taking-profits\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-whales-driving-rally-taking-profits\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/vivek-kumar-fs283LESUtc-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/vivek-kumar-fs283LESUtc-unsplash.jpg?fit=2880%2C1672"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bearish","bitcoin profit-taking","bitcoin rally","bitcoin top","bitcoin whales","btc","btcusd"],"dateCreated":"2023-12-07T21:00:20Z","datePublished":"2023-12-07T21:00:20Z","dateModified":"2024-06-11T11:21:52Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Whales Driving The Rally Are Now Taking Profits, Data Suggests\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-whales-driving-rally-taking-profits\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-whales-driving-rally-taking-profits\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/vivek-kumar-fs283LESUtc-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/vivek-kumar-fs283LESUtc-unsplash.jpg?fit=2880%2C1672\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bearish\",\"bitcoin profit-taking\",\"bitcoin rally\",\"bitcoin top\",\"bitcoin whales\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-12-07T21:00:20Z\",\"datePublished\":\"2023-12-07T21:00:20Z\",\"dateModified\":\"2024-06-11T11:21:52Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/vivek-kumar-fs283LESUtc-unsplash.jpg?fit=2880%2C1672","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/564413"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=564413"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/564413\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/564427"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=564413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=564413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=564413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}