How Bitcoin (CRYPTO: BTC) marches back on the road to $ 50,000, the whales are battling the other dominant players – the miners, in the background.
What happened: On Sunday, CryptoQuant CEO Ki Young Ju said on Twitter: “It’s a whale war, and you know who has the real power”.
Ki noted that while whales and US institutional investor parameters signaled BUY, miners signaled SALE.
The analyst posted a chart indicating the flow of BTC money transferred to and from the wallets of affiliated miners.
It’s a whale war, and you know who has the real power.
US Institutional Investors
– Currency base output flow = STRONG BUY
– Coinbase Premium = BUYBTC Whales
– BTC Reservation = BUY
– Stablecoin flow TXs = BUYMiners
– Miner output flows = SELL
– Miner to exchange flows = SALE pic.twitter.com/fhVBp8qocm– Ki Young Ju 주기영 (@ki_young_ju) February 28, 2021
The apex cryptocurrency has been traded 0.32% down, to $ 46,369.59 so far. BTC hit a 24-hour high of $ 46,576.97, according to data from CoinMarketCap.
Why does it matter: Previously, Ki urged your social media followers shouldn’t blame mining pool owners, as the exits came from affiliated miners, who have participated in the mining pool at least once.
The analyst’s posts on Twitter have sparked a heated debate with some people noting that miners have power in the current equation of power, while others allude to the collusion between whales and miners.
Okay, so you’re saying that those 19 whales that did direct business with F2pool are systematically dumping at the SAME moment in a coordinated way. I mean, why not, they would all dump, use 100x of leverage to reduce and collect all the bitcoin they dumped with premium ..
– TempleTuff (@HeavyGreat) February 28, 2021
Bitcoin has fallen 24% in the last seven days before Sunday, making it the worst week for cryptocurrency since March 2020.
Cryptocurrency has increased by almost 60% in the year to date, driven by institutional interest, including from Tesla Inc. (NASDAQ: TSLA), MicroStrategy Inc. (NASDAQ: MSTR), Square Inc. (NYSE: SQ), and PayPal Holdings Inc. (NASDAQ: PYPL).
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