Bitfinex Whales Sold Heavily Into This 25% Bitcoin Rally

Bitcoin has undergone an extreme rally over the past few days, pushing from $19,000 to $23,800 at the highs. The cryptocurrency has since corrected to $23,000 as consolidation has begun after this massive thrust higher.

Data shows that there were some whales that were not too excited about this rally.

In fact, order book data shows that there was a large amount of BTC sold into the rally. The fact that Bitcoin held up so well, though, shows the strength of the rally.

How To Get Free Crypto  
Reloads and free spins available every day, for every player, in mBitcasino Crypto Autumn Bonanza! Play Now!
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Whales Sold Into the Bitcoin Rally

Data shows that whales sold heavily into this Bitcoin rally.

One crypto-asset trader shared the chart seen below after the rally. It shows that there were large sell walls in Bitfinex’s BTC markets during the move higher. The chart shows that there were serious sell walls at basically every price level from $20,000 up, showing how there were some market participants that didn’t think Bitcoin would move much higher than it did.

That, or there were some that wanted to capture the buying liquidity that was surging into the market at the time.

Chart of BTC's price action over the past few weeks with an order book analysis by crypto trader Edward Morra (EdwardMorra_BTC on Twitter).
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Don’t Get Caught Up in the Volatility

Brian Armstrong, CEO of leading Bitcoin exchange Coinbase, is telling users that they shouldn’t get caught up too much in the volatility of the crypto-asset market. He wrote in a blog post published yesterday:

“We believe that crypto is a truly game-changing innovation and, at Coinbase, we take a long-term view of the market. While it’s great to see market rallies and see news organizations turn attention to this emerging asset class in a new way, we cannot emphasize enough how important it is to understand that investing in crypto is not without risk. For one, crypto can be a volatile asset class — often more so than the types of traditional financial instruments that most investors are used to.”

Even still, many remain confident that Bitcoin will move even higher in the weeks ahead.

There is much Wall Street support for the leading cryptocurrency. With so much institutional capital entering the space, this market could surge higher in the years ahead.

Coinbase Banner  
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from
Bitfinex Whales Sold Heavily Into This 25% Bitcoin Rally

Go to Source
Author: Nick Chong

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.