Bitfinex Sleeping Whales Cash in 12K BTC – Crypto News Today

Bitcoin (BTC) whales holding BTC long positions on Bitfinex were suddenly cashed out on March 25 at around 1:00 p.m. UTC, according to data from Datamish.

These wallets have been inactive since June 2022 and their overall value stands at 12,000 BTC, as the data noted. This move represents a small segment of investors who are motivated to exit their long and short positions in BTC to take advantage of the recent price surge.

Bitfinex Outputs

The March 25 pullback marks the most significant change in BTC long positions since June of last year. The chart below depicts BTC long position volume since May 2022.

The 12,000 BTC drop occurred when the total BTC long position volume was just above 110,000 BTC. Even though whale outings may indicate bearish sentiment, the overall picture is not so pessimistic. At the time of writing, the total volume of BTC sitting in long positions is 93,511, reflecting strong bullish sentiment in the market.

Short positions

The behaviors of investors who hold short positions in BTC are also supporting the bullish sentiment in the market. According CryptoSlate analystsBTC short positions have seen a steady decline since late 2022.

Currently, they are at their lowest for a year. This indicates that “investors don’t want to bet against BTC”, as CryptoSlate says analyst James V. Straten.

BTC price pump

The recent BTC price pump has contributed significantly to the current bullish sentiment in the market.

BTC surged above $28,000 on March 21, leading liquidations to raise over $230 million in 24 hours. The surge also motivated long-term holders to liquidate their positions, CryptoSlate research revealed on March 21.

“Long-term holders are one of the most important factors,” the research says, “because their behavior determines local lows and fuels future price increases.” As soon as BTC broke above $28,000, long-term holders rushed to sell some of their holdings, causing the price of BTC to drop slightly.

The same movement was recorded during the slight rise in the price of BTC recorded on March 15. Long-term BTC holders sold over 43,000 BTC between March 15 and March 17.