CryptoQuant: crypto whales can provoke a collapse of the bitcoin rate

An analyst from the CryptoQuant team known as CryptoOnchain estimates that large holders of bitcoin BTC $104,173.19 Bitcoin -3.37% Market capitalization $2.06 trillion VOL. 24 hours $3.76 billion , the so-called «whales,» have not yet started active sales. This is evidenced by the low values of the realized profit ratio, especially in comparison with previous market cycles, when historical price highs were recorded.

According to CryptoOnchain, this situation may indicate that the «whales» consider the current price levels to be far from reaching the peak values of this cycle. This hypothesis is supported by the MVRV Z-score online metric, which is now only slightly above level 3, remaining far from the «red zone,» which signals a strong overbought market and a possible reversal.

Another analyst, Avocado_onchain, drew attention to the predominance of demand in the spot market. According to him, activity on the futures market is declining, which indicates a decrease in speculative overheating and increased buyer pressure on spot markets. In his opinion, the decline in speculative activity in the derivatives segment will contribute to the further growth of bitcoin.

We would like to add that cryptocurrency analyst and BitMEX founder Arthur Hayes recently stated that the policy of the next US President Donald Trump will lead to an increase in the price of bitcoin to $ 1 million. The same opinion was expressed by the well-known cryptocurrency analyst Michael van de Poppe.