Bitcoin whales move record BTC value as metric sounds the alarm on price volatility

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Bitcoin (BTC) analysts envision near-term volatility as whales begin unprecedented behavior.

New data shows that whales have not only been very active in the market, they have moved record amounts of BTC.

Whale activity breaks Bitcoin records

Although BTC price action remains in a narrow, interest-free range of around $ 40,000, big Bitcoin investors are anything but calm.

In recent weeks, these whales have moved more coins across the network than ever before, even more than during historic BTC / USD highs of $ 60,000 and above.

Transactions involving $ 10 million and more recently reached over $ 10 billion.

Whales have moved a record amount of #Bitcoin in the past two weeks.

The total transfer volume of over $ 10 million in transactions remains at ATH as of late.

This is even higher than when the price was $ 55,000 to $ 60,000. pic.twitter.com/FXvcCPPL57

Lex Moskovski (@mskvsk) September 28, 2021

Further analysis of their actions shows that different classes of whales have shown different reactions to recent price events.

Smaller whales sold, while larger investors conversely added to their positions, data from on-chain analysis resource Material Indicators revealed this week.

Whales sold BTC, mega-whales bought, and purple whales followed with another buy order, researchers commented alongside a chart of BTC / USD buy and sell levels.

If you are trying to figure out these whale games, watch the low cash they are trying to play on the rise. Bitcoin whale trading activity against the BTC / USD chart. Source: Hardware indicators / Twitter

This relative lack of resistance between the current spot price levels of $ 42,000 and $ 46,500 has manifested itself in the repeated rejection of BTC / USD above $ 44,000.

Expect Fast and Volatile Bitcoin Under $ 40,000

Meanwhile, other whale data warns that price volatility may be coming in.

Related: Bearish Bitcoin Fractal With 78% Success Rate Flashes As BTC Falls Below $ 43.5,000

The whale trade rate, which tracks the size of the top 10 trade flows relative to the others, is approaching levels that have triggered volatile price action in the past.

So normally we can think of this as a short-term sell-off, but since we’re in the crucial areas we need to make sure the price stays above 40K, on-chain analyst CryptoQuant commented as part of a updated September 28.

Price action below 40K could be fast and volatile. Annotated graph of Bitcoin exchange whale ratio. Source: CryptoQuant

As Cointelegraph reported, expectations are that $ 36,000 should form a final floor in case BTC / USD loses the $ 40,000 support.

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