CryptoQuant CEO Ki Yong Joo believes whales will open new margin positions.
The CEO of the analytical company CryptoQuant Ki Yong Joo predicted the growth of bitcoin due to the actions of large cryptocurrency holders.
Yong Joo referred to a chart showing that the whales have begun to transfer bitcoin on masse to derivatives exchanges. According to the analyst, this may indicate the desire of large cryptocurrency holders to open new margin positions.
Whales are sending $BTC to derivative exchanges from other exchanges to punt new positions or fill up margins.
If you look at the historical data, the price goes up in the long term after their accumulation. Their positions seem to be long positions.https://t.co/O0imZE7DIv
— Ki Young Ju 주기영 (@ki_young_ju) September 10, 2021
“The positions of the whales seem to be long,” added the analyst.
According to historical data, the head of CryptoQuant claims, after such movements, the main cryptocurrency is growing.
Derivatives are derivative financial instruments, which are an agreement between a buyer and a seller for the future value of an asset.
The participants in this transaction do not own the underlying asset for which the contract was drawn up. In this case, the subject of the transaction is the right to perform the contract.
On September 7, the price of bitcoin dropped sharply by 16%. At the moment, the rate of the first cryptocurrency reached $ 42.8 thousand. On September 10, the BTC is traded at $ 46.2 thousand, and its capitalization is $ 872.5 billion.
