Here’s a deep dive into three key factors that might explain this weekend’s price action.2 (@DefiSquared), the number one ranked trader on Bybit and a leading wallet on DeBank, a mysterious “whale” has been active in the Binance perpetual futures market.2 noted significant buying activity from this entity, stating, “Since the local BTC lows on Friday, almost the entire bounce this weekend is from a single entity on Binance Perps that has hammered over $450 million in buys in 500 BTC blocks at a time during the lowest liquidity hours of the market.” Related Reading: Bitcoin Records Surge In Retail Investors – Is A Price Rebound On? 2’s analysis sparked speculations about the whale’s potential strategies, especially considering the impending Mt.
With a position of this size, in order to exit they’ll either need to run the market high enough to cause a short squeeze, or end up becoming a massive cascade risk if the market goes against them.” #2 Open Interest Build Up Crypto trader Daan Crypto Trades (@DaanCrypto) provided insights into how the futures market contributed to Bitcoin’s price movements.
Popular crypto analyst CRG (@MacroCRG) described the weekend’s price movement as a “beauty of a breakout.” He highlighted that both funding rates and the perpetual futures basis remained flat, which usually precedes a strong market move.
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