bitcoin () whales holding long BTC positions in charged suddenly on March 25 around 13:00 UTC, according to Datamish data.
These wallets have been inactive since June 2022, and their added value sits at 12,000 BTC, as theyindicates. This move represents a small segment of investors who are motivated to exit their long and short BTC positions to take advantage of the recent price rally.
The March 25 withdrawal marks the most significant change in long BTC positions since June of last year. The chart below represents the volume of long BTC positions since May 2022.
The 12,000 BTC drop occurred when the total BTC long position volume was just above 110,000 BTC. Although whale breakouts may indicate bearish sentiment, the overall picture is not so pessimistic. At the time of writing, the total volume of BTC longs is 93,511, reflecting strong bullish market sentiment.
The behaviors of investors holding short BTC positions also support the bullish market sentiment. According CryptoSlateBTC short positions have registered a steady decline since the end of 2022.
Currently, they sit at their lowest point in a year. This indicates that “investors do not want to bet against BTC”, as CryptoSlate says analyst James V. Straten.
BTC price pump
The recent BTC price rally contributed considerably to the current bullish market sentiment.
BTC topped $28,000 on March 21, leading to liquidationsover $230 million in 24 hours. The increase also encouraged long-term holders to liquidate their positions, CryptoSlate revealed on March 21.
“Long-term holders are one of the most important factors,” the research states, “as their behavior determines local lows and fuels future price rises.” As soon as BTC broke above $28,000, long-term holders rushed to sell a portion of their holdings, causing the BTC price to decline slightly.
The same movement was recorded during the slight increase in the BTC price recorded on March 15. Long-term BTC holders sold over 43,000 BTC between March 15-17.
At the time of publication, 1.2% during the last 24 hours. BTC has a market capitalization of $538.66 billion with a volume of operations of 24 hours of $14.2 billion.ranks #1 by market capitalization and the price of BTC is above
At press time, the global cryptocurrency market is valued at $1.16 trillion with a volume of 24 hours of $33.34 billion. Bitcoin dominance is currently in 46.32%.