The head of the analytical company CryptoQuant Ki Yong Joo explained the sharp rise in the rate of the first cryptocurrency to $ 55.5 thousand.
The CEO of the analytical company CryptoQuant Ki Yong Joo said that large holders of the cryptocurrency bought bitcoin for $ 1.6 billion in 5 minutes.
According to Ki Yong Joo, the magnitude of short position liquidations following the first cryptocurrency rise to $ 55.5 thousand was just $ 17 million. Ki Yong Joo Add, this appears more like a massive whale purchasing than a cascade liquidation of short holdings.
Someone(s) bought up $1.6B worth $BTC via market orders in just 5 minutes.
Short liquidations seem relatively smaller like $17M at that time.
This is more like whale buying, not cascade liquidations.https://t.co/dD3OsykiET pic.twitter.com/0NnvbmaYYm
— Ki Young Ju 주기영 (@ki_young_ju) October 6, 2021
Bitcoin price surpassed $ 55.5 thousand for the first time since mid-May on October 6, the cryptocurrency is currently trading at $ 53.9, and its market value is $ 1 trillion. Bitcoin price has grown by 7% in the last 24 hours.
Early in September, the CEO of CryptoQuant anticipated that bitcoin would rise as a result of the “whales'” behavior. Then, he claims, significant cryptocurrency holders began transferring bitcoin in huge amounts to derivatives exchanges in order to create additional 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
Read More:
