Bitcoin (BTC) price declined slightly while whale activity showed a consistent downtrend.
According to an X post by market analysis firm CryptoQuant, whales that led the downtrend in July 2022 have not made any recent moves. According to the post, these whales hold between 1,000 and 10,000 Bitcoins.
Liquidity for large sales remains low.
“Whales in the 1,000-10,000 range, which led the downtrend, are still relatively calm. Firms still exerting selling pressure are in the $10 to $100 BTC range.”
by @mignoletkr pic.twitter.com/QZrRlOYVkt
– CryptoQuant.com (@cryptoquant_com) November 6, 2023
According to CryptoQuant, the current selling pressure is coming from whales holding between 10 and 100 BTC.
Additionally, data from market research platform Santiment shows that the number of whale transactions involving at least $100,000 worth of Bitcoin has been steadily declining since November 1 – a 65% decline.
BTC Price, Whale Activity, Open Interest and Binance Funding Rate – November 6th | Source: Santiment
According to Santiment, there were 2,290 transactions involving $100,000 worth of BTC in the last 24 hours.
Additionally, the total open interest (OI) in BTC futures contracts has reached $6.9 billion, per Santiment.
According to the market intelligence platform, the Binance USDT funding rate for Bitcoin is currently at 0.01%. This suggests that the number of short positions is greater than that of long position holders.
However, the exact amounts of short and long position holders are not disclosed.
Bitcoin is down 0.05% in the last 24 hours and is trading at around $35,100 at the time of writing. The asset reached a local high of $35,340 around 23:00 UTC on November 5th. Bitcoin’s market dominance currently stands at 51.8%, with a total market capitalization of over $686 billion.
BTC’s 24-hour trading volume increased by 28% over the past day, reaching $12.5 billion.
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