Summary
- Panic selling by new whale investors has recently been driving increased Bitcoin price volatility.
- From the 14th to the 22nd, whale investors recorded about $228 million in losses, while the exchange whale ratio also stayed elevated.
- Each time Bitcoin attempted to surpass $110,000, the exchange whale ratio spiked, limiting upward price momentum.
After the recent ceasefire between Israel and Iran, the price of Bitcoin (BTC) rebounded to $106,500 (USD), but analysis shows that panic selling by new whale investors is increasing price volatility.
On the 24th (local time), BeInCrypto, citing data from CryptoQuant, reported that between the 14th and the 22nd, whale investors recorded approximately $228 million in Bitcoin losses. Notably, on the 17th alone, losses reached $95 million, which was attributed to selling by new whales.
During the same period, the 'exchange whale ratio' indicator also remained at a high level. This metric refers to the proportion of whale investors depositing their Bitcoins onto exchanges, which generally rises when selling pressure increases. In fact, whenever Bitcoin attempted to break through $110,000, this ratio surged, limiting further price gains.
Meanwhile, as of 12:10 p.m. on this day, Bitcoin was trading at $106,539.49 on the Binance Tether (USDT) market, up 1.51% from the previous day.
Heecheol Yang
heecheol@bloomingbit.ioHello, I'm a reporter at bloomingbit
![[Analysis] “ETFs and short covering drove Bitcoin’s rebound…on-chain indicators are mixed”](https://media.bloomingbit.io/PROD/news/6c7dbd31-4aeb-400e-9c43-c2843062fc66.webp?w=250)
