According to a media analysis, bitcoin has been under pressure for the recent past, and prices have fallen by $63,000 despite the purchase of over $43 million in whales over the past 24 hours. According to the article, the key to the current market is not whether there is a large buyout, but whether the whale is really turning to a continuous increase.
Two large purchases in 24 hours.
It is mentioned that a giant whale extracts 500 bitcoins from the Truster BitGo, approximately $32.31 million at current prices and transfers to private wallets. Such transfers are usually considered more long-term rather than short-term transactions.
Another traditional digital asset management agency had an additional 166.24 bitcoin for the same period, valued at approximately $10.74 million. After the increase, the related wallet was stoked to 4515 bitcoins, worth approximately $288.4 million.
As is commonly expected, purchases of such sizes tend to support markets, but bitcoin does not get stronger, but rather continues to fall back when sales pressure increases.
Big whales still dominate the market during the fall in June.
The article cites the indicator “Big Whale-Logled Whale” which states that since 1 June, most of the time the market has been dominated by Big Whale, and that it was only briefly dominated on 8 June, after which control returned to its side.
This means that the fall in June did not occur in the absence of the whale. On the contrary, the whale has been one of the main players.
The data show that between 1 and 5 June, bitcoin fell from $73674 to $61056, a decrease of about 17.1 per cent. From 11 to 15 June, however, bitcoin rebounded from $61510 to $66328, an increase of about 7.8 per cent.
However, even if there was a rebound in the middle of the journey, bitcoin still fell by about 15.25 per cent as of the beginning of June, as measured in the text. According to this article, the mere presence of giant whales is not sufficient to reverse the trend, and the market is more focused on whether they send clear signals.
The net flow and the deal still don't show an ongoing purchase.
In addition to the whale movement, the article mentions the low overall trade activity over the past week, particularly in recent trading days, where the market lacks a sufficiently strong and continuous buyout.
This is also reflected in exchange netflow data. From 8 June to the time of submission, the maximum single-day net flow amounted to $5.95.5 million, which appeared on 11 June; the maximum single-day net flow was $161.54 million.
The article argues that the Bitcoin rate will continue to fluctuate between regions and that it will be more difficult to re-establish higher prices in the short term until the real creation of the buyout.