🚨 $BTC HOLDS $82K — WHALES ARE SELLING, NOT BUYING
🚨 Bitcoin bounced back above $82,000 this morning. But the whales are running, not buying.
1. At 5 a.m. today, one whale closed a $110 million Bitcoin long, losing $3.26 million. At 4 a.m., Bitcoin plunged to $80,684, just $184 above its $80,500 stop-loss. It then opened $45.8 million in U.S. stock longs, buying Tesla and leveraged semiconductor funds.
2. Another whale is betting on a drop. At 11 p.m. last night, it shorted 13,830 ETH at $2,366, worth $32.72 million. This morning, ETH bounced to $2,409, and 2,765 of its ETH had already been liquidated. The liquidation price for the remaining short is $2,419—just $9 above the current price.
3. Galaxy Research explains what’s happening in the market. As of October 18, institutional buying minus distribution by long-term holders totaled a net negative 127,300 BTC year to date. Long-term holders are selling, and institutions can’t absorb the supply. U.S. Bitcoin ETFs have just $355 million in net inflows year to date, and have seen modest outflows since October.
My take: bears failed to break below $82,000; bulls didn’t buy it back up. The bounce will have more conviction once that $2,419 ETH short gets liquidated.
What to watch: the U.S. stock market open tonight. The whale that fled crypto has bet $45.8 million on U.S. stocks. If that bet pays off, money will continue flowing out of crypto.
Would you dare to buy the dip at $82,000, or wait for a break below $80,000?
$BTC $ETH #TradingStrategy #BitcoinSurpasses$82K
——
Fully quantitative trading, capturing every market opportunity.
🚨 Bitcoin bounced back above $82,000 this morning. But the whales are running, not buying.
1. At 5 a.m. today, one whale closed a $110 million Bitcoin long, losing $3.26 million. At 4 a.m., Bitcoin plunged to $80,684, just $184 above its $80,500 stop-loss. It then opened $45.8 million in U.S. stock longs, buying Tesla and leveraged semiconductor funds.
2. Another whale is betting on a drop. At 11 p.m. last night, it shorted 13,830 ETH at $2,366, worth $32.72 million. This morning, ETH bounced to $2,409, and 2,765 of its ETH had already been liquidated. The liquidation price for the remaining short is $2,419—just $9 above the current price.
3. Galaxy Research explains what’s happening in the market. As of October 18, institutional buying minus distribution by long-term holders totaled a net negative 127,300 BTC year to date. Long-term holders are selling, and institutions can’t absorb the supply. U.S. Bitcoin ETFs have just $355 million in net inflows year to date, and have seen modest outflows since October.
My take: bears failed to break below $82,000; bulls didn’t buy it back up. The bounce will have more conviction once that $2,419 ETH short gets liquidated.
What to watch: the U.S. stock market open tonight. The whale that fled crypto has bet $45.8 million on U.S. stocks. If that bet pays off, money will continue flowing out of crypto.
Would you dare to buy the dip at $82,000, or wait for a break below $80,000?
$BTC $ETH #TradingStrategy #BitcoinSurpasses$82K
——
Fully quantitative trading, capturing every market opportunity.