Bitcoin traders on Binance are showing a slight bullish inclination, with 51.79% currently holding long positions on $BTC. However, caution is in the air as a recent observation on Bitcoin’s two-month chart by analyst Ali Martinez highlights a potential trend reversal.
The Stochastic RSI has shifted from bullish to bearish, a signal that has historically preceded significant corrections—around 75.50%—over the past decade.
Top #Bitcoin traders on @Binance show a slight bullish tilt, with 51.79% currently holding long positions on $BTC. pic.twitter.com/p3gi2uLOYW
— Ali (@ali_charts) September 3, 2024
This indicator is raising concerns among traders who are wary of a potential downturn.
An important observation on the #Bitcoin 2-month chart: the Stochastic RSI has just signaled a trend reversal from bullish to bearish. Historically, in the past 10 years, this has preceded a significant correction of around 75.50%! pic.twitter.com/YxlwMFxTEl
— Ali (@ali_charts) September 3, 2024
Adding to the market tension, a wallet reportedly linked to Terraform Labs and its co-founder Do Kwon has moved $62 million worth of Bitcoin to a new address, according to data from Arkham Intelligence. This transfer occurs as Kwon faces ongoing legal challenges, including efforts to extradite him from Montenegro.
JUST IN: A wallet reportedly linked to Terraform Labs and co-founder Do Kwon has moved $62M worth of #Bitcoin to a new address, according to data from Arkham Intelligence. The transfer comes amid ongoing legal battles over Kwon's extradition from Montenegro. pic.twitter.com/eivvMjAUTG
— CoinGecko (@coingecko) September 3, 2024
In another notable transaction, a smart whale has demonstrated its skill in timing the market.
The whale, who has accumulated a $62 million profit, recently withdrew 1,100 BTC ($64.2 million) from Binance. Known for buying Bitcoin during lows and selling at highs, this whale accumulated 2,947 BTC during the pre-pump period between November 2023 and January 2024 at an average price of $44,300.
They then strategically sold 315 BTC during local highs in March and August, averaging $60,384 per coin. Currently, the whale holds 3,823 BTC valued at $227 million, with an estimated total profit of $61.8 million, reflecting a 34% gain.
A smart whale with a $62M profit withdrew 1,100 $BTC ($64.2M) from #Binance 14 hours ago.
This whale is skilled at buying $BTC at lows and selling at highs:
• accumulated 2,947 $BTC (most of its holdings) during the pre-pump period (Nov 2023 – Jan 2024) at $44,300 on average;… pic.twitter.com/aCAX2xHoG0— Spot On Chain (@spotonchain) September 3, 2024
Bitcoin ETFs Reported Net Outflow Of 795 BTC
On the institutional front, Bitcoin ETFs reported a net outflow of 795 BTC, equivalent to $46.53 million. Grayscale (GBTC) saw outflows of 392 BTC ($22.96 million), with its holdings now at 226,862 BTC, valued at $13.29 billion.
Sept 2 Update:
10 #Bitcoin ETFs
NetFlow: -795 $BTC(-$46.53M)🔴#Grayscale(GBTC) outflows 392 $BTC($22.96M) and currently holds 226,862 $BTC($13.29B).9 #Ethereum ETFs
NetFlow: -861 $ETH(-$2.17M)🔴#Grayscale(ETHE) outflows 2,237 $ETH($5.63M) and currently holds 1,807,366… pic.twitter.com/S2Y59qrZ0G— Lookonchain (@lookonchain) September 2, 2024
As the market navigates these mixed signals, traders and investors are advised to stay vigilant and consider the potential implications of these developments.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: igorigorevich/123RF // Image Effects by Colorcinch
