Once again, China FUD reduced the crypto space and almost all crypto assets were on sale with huge discounts. The price of Bitcoin has gone from highs of around $ 52,000 to as low as $ 42,000 in no time. Still, it also started a rally and hovered above $ 47,000. Currently, the price of BTC is on an active mode spike with notable gains. The push may continue for a bit longer, but later on, another drop could eventually catch on.
In the recent liquidation, just before the plunge, foreign exchange reserves became high, the leverage ratio hit an ATH, and the whale accumulation ratio also peaked. Therefore, the presentation of a pre-programmed dive may have taken place. However, a similar event has just happened and could indicate that another dive could be coming soon.
Whale Alert, which reports huge and questionable data, reported a huge transfer of USDT from Tether Treasury to Binance exchange. Huge transfers happen from time to time, but a transfer of $ 98,000,000 from Tether’s cash to the exchange may implant some assumptions. Binance is the most popular crypto exchange. And the increase in USDT reserves may indicate a flow of cash from other assets into the USDT.
Additionally, further adding to this suspicion, over UST $ 130 million has been transferred from Binance to an unknown wallet. The interesting part is that this transfer took place a few minutes after Binance received the USDT from Tether’s treasury.
However, the possibilities of these two cross-sourced deals also surface, but the timing of the coincidence is raising suspicion. If, in the case, the two transactions are related to each other, then there is little to worry about. But if both have their own origins, a BTC dumping ground could be on the way, as the whales could brace for another drop.
Collectively, hazy clouds are circling around the Bitcoin price rally and would continue for a few more days. Additionally, Monday’s markets will start trading with a spread in Bitcoin prices on CME. And therefore the space can undergo a short-term pump, following a noticeable correction. All in all, the coming week could be pretty huge for the BTC price as well as the entire crypto space.
