Massive Bitcoin buying volume was also spotted on two other exchanges, but everything is in a bubble

The BTC/USDT pair on Binance recently tapped its single largest volume on Binance, showing that an anonymous whale or large holder was willing to get as much Bitcoin as possible below $19K.The massive Bitcoin buying volume was also spotted on two other exchanges.

Bitcoin: Someone Is Buying Up, Reasons Yet Unknown

While the reason for the massive buying remains unknown, whales are typically known to make use of periods of dip or consolidation to accumulate at a discount.

According to Glassnode, a historically significant scale of HODLing is currently on the market. The 90-day Coin Days Destroyed (CDD-90) metric, which assesses the total sum of coin day destruction over 90 days, helps to visualize periods of higher and lower coin age expenditure, which has reset to what is effectively an all-time low.

This implies that older coins are essentially the most dormant they have ever been, adding weight to the case of extreme HODLing being the dominant investor behavior. Glassnode states, “It appears increasingly likely that the Bitcoin HODLers who remain are strapped in and willing to go wherever the Bitcoin ship takes them.”

Even as equities touched 2022 lows, Bitcoin increased by as much as 6% to surpass $20,000, its highest level in more than a week. The fact that the S&P 500 closed on Monday at its lowest level since 2022, with a decline in U.S. stocks, suggests that the link between Bitcoin and equities may be waning.

At the time of publication, Bitcoin was nearly 5% higher at $20,160 but still has trouble escaping its narrow trading range. In the meantime, traders are constantly monitoring the U.S. dollar. Since Bitcoin moves inversely to the dollar, a strong dollar is negative for the lead cryptocurrency and vice versa. According to market observers, the dollar index may be about to peak, indicating a potential bottom for Bitcoin. This might also partly be a reason for Bitcoin’s recent price rebound.

The author of the extremely popular financial self-education book “Rich Dad, Poor Dad,” Robert Kiyosaki, expressed his negative forecast on the current state of the market and the possibility of a crash in the future.

According to the prominent investor, the biggest crash has been building since the 1990s. Instead of fixing the problem at the beginning, the Fed decided to increase the monetary supply in the country, which negatively impacted the value of the national currency.

Besides the crash on volatile markets like stocks, traditional inflation safe havens like gold, silver, and other precious metals are also crashing like stocks or even cryptocurrencies. The only ultimate asset in a giant crash that investors gain is financial wisdom, says Kiyosaki. According to various on-chain indicators, the profitability of most digital assets is at an absolute low, showing that most of the market is in deep losses.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like