Summary
- The key reason for Bitcoin's price increase was identified as a supply shortage.
- It was reported that since June, market buy interest has declined and sell volume has also remained at a low level.
- It was stated that there is a risk of a short-term sharp drop if whales engage in large-scale selling, so caution is advised.
It has been analyzed that Bitcoin's recent upward trend is due to a supply shortage, but there are concerns of a sharp decline if whales decide to sell.
On the 9th (local time), CryptoQuant contributor Arab Chain stated, "While Bitcoin has been reaching new all-time highs since June, market buy orders have actually decreased. Rather than new demand, the shortage of coins for sale is the main factor driving the price up."
According to the author, from March to May, market orders surged around the $75,000 bottom as individuals and institutions made large purchases. However, since June, market orders have dropped significantly, and limit sell orders have also remained at notably low levels. This suggests that at current price ranges, there is little selling intent and that trading is centered on market orders, making the market more vulnerable to liquidity shocks.
The author added, "Notably, whales who actively bought at the April lows now seem to be on the sidelines or partially selling some holdings. With whales' market order activity slowing down, sudden large-scale selling could trigger a short-term sharp decline," advising caution.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.![[Today’s Key Economic & Crypto Calendar] Atlanta Fed GDPNow, More](https://media.bloomingbit.io/static/news/brief_en.webp?w=250)
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