Whales make ‘mass trades’; what does it mean for BTC traders?

Bull or bear market? That is the question many investors have on their minds as Ukraine tries to resist the Russian invasion. However, Bitcoin traders should look at what various actors are doing right now while remaining cautious.

Between two fires

Data from Santiment showed that Bitcoin whales were busy churning the water with high-value trades as the king’s coin hit the bottom of its dip, around $34,700. In addition, we need to look at recent history, as trades over $100,000 and $1 million last peaked around January 24, when prices hit lows previously.

As the frenzy of trades after January 24 was followed by a 15% rally the following week, whales may be expecting a similar price hike soon.

That said, stock market inflows and outflows showed that this latest low in price was different from the one seen at the end of January. Interestingly, on February 1, an outflow of more than 90,000 BTC occurred. However, the latest price drop did not lead to significant inflows or outflows. One theory is that traders are playing things up close because of the ongoing war and resisting the urge to sell in a panic.

Source: Holiness

Expert traders and analysts also seem to think this is a good idea. Messari’s Ryan Selkis made it clear that he had no plans to sell his Bitcoin. Meanwhile, Lark Davis and Raoul Pal both advised traders to come up with a long-term plan and stick to it. Finally, FOMO was an absolute no-no.

In addition, there is plenty of reason to be cautious. Bitcoin’s recent price action shows that the asset is becoming more volatile, exacerbated by world events.

Time to speed things up

Santiment data showed that Bitcoin’s rate rose sharply on Feb. 22, pointing to a massive surge in activity as Russia invaded Ukraine. However, the king coin’s speed has declined since then, but it is still largely in line with previous speed rates.

At the time of writing, Bitcoin was trading at $39,069.43with an increase of 1.51% in the last 24 hours.

Source: Holiness

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