When I saw Onchain Lens report that a whale had transferred 949.7 $BTC to Binance and Deribit, my heart skipped a beat. With around 7755 moved by institutions, possibly to sell, I don’t take this as bearish news, but I do take it as a warning.
$BTC is now at 81,642, down 0.42% over 24 hours, with only 9/20 assets rising. CoinGecko just said total market cap rebounded 39.6% in Q3 to 3 trillion, and $ETH gained 71% for the quarter. But today’s market isn’t as hot, so I’ve cut my short-term position in half while holding onto my core position.
I’m taking a defensive approach to this range: as long as 81,000 holds, I’ll continue to treat $BTC as leaning bullish. If it really breaks below that level, this view is invalidated, and I won’t chase a short either. When institutions move coins, is your first instinct to reduce your position or pretend you didn’t see it?
#Binance #BTC #ETH
$BTC is now at 81,642, down 0.42% over 24 hours, with only 9/20 assets rising. CoinGecko just said total market cap rebounded 39.6% in Q3 to 3 trillion, and $ETH gained 71% for the quarter. But today’s market isn’t as hot, so I’ve cut my short-term position in half while holding onto my core position.
I’m taking a defensive approach to this range: as long as 81,000 holds, I’ll continue to treat $BTC as leaning bullish. If it really breaks below that level, this view is invalidated, and I won’t chase a short either. When institutions move coins, is your first instinct to reduce your position or pretend you didn’t see it?
#Binance #BTC #ETH