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Home»Bitcoin»Why did Bitcoin rise today? THIS is a major reason behind the rise of BTC
Bitcoin

Why did Bitcoin rise today? THIS is a major reason behind the rise of BTC

2024-09-10No Comments3 Mins Read
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  • The increase in BTC purchases by whales, coupled with the influx of newly minted USDC, seemed to be the main driving factors.
  • Falling foreign exchange reserves and negative Netflow signals indicated that the rally was likely to continue.

In the last 24 hours Bitcoin [BTC] is up 4.13% to trade at $57,054.21 at the time of writing. There are indications that this upward trend may continue in the coming days.

Nevertheless, it remains a mystery why BTC experienced a sudden rise despite $34.79 million being wagered on its annual decline. data from Coinglass.

Whales are propelling the BTC rally with strategic accumulation

Recent tracking data highlighted the significant accumulation of Bitcoin by whales, indicating their increased confidence in the asset and having a noticeable impact on market dynamics.

Since the beginning of September Lookonchain has observed whales acquire 2,814 BTC. In a notable move, a whale recently set up a new wallet to transfer 300 BTC, worth approximately $17.19 million.

Additional, in two transactions 600 BTC was withdrawn from Binance and moved to a new wallet.

These transfers from centralized exchanges to private wallets suggest that these major players are positioning their Bitcoin for long-term ownership, reducing potential selling pressure on the market.

At the same time the USDC treasury minted 50 million USDC, adding significant liquidity to the market. Such infusions are known to increase buying pressure on assets including BTC, pushing prices higher.

BTC’s rebound is likely to continue

CryptoQuant’s insight The Exchange Reserve and Netflow metrics showed that Bitcoin’s current upward trajectory was expected to continue as it recovered from the recent market decline.

See also  Bitcoin Decouples From Precious Metals: A Bullish Signal Or Not?

The Exchange Reserve for BTC, which measures the amount of cryptocurrency held in exchange wallets, fell sharply to 2,613,649,772.

Typically, a rising exchange reserve indicates a bearish outlook due to the ease of selling in liquid markets.

Conversely, a declining reserve indicates a supply contraction and growing long-term investor confidence, which is a sign of bullish sentiment.

Source: CryptoQuant

AMBCrypto further supported this bullish outlook, finding that Exchange Netflow was mostly negative across all centralized exchanges.

This negative Netflow indicates that assets are being moved from exchanges to private wallets, reducing potential selling pressure on BTC. Such trends are often influenced by large-scale investors or whales.

As this whaling activity continues, sentiment among retail investors has also changed and is now largely bullish.

Retail traders are benefiting from BTC’s uptrend

Retail traders are increasingly bullish on Bitcoin, as evidenced by their increasing bets on the cryptocurrency’s price appreciation.

This shift is reflected by a significant increase in trading volume, which increased by 47.98% to $64 billion. Similarly, Options Volume has seen a dramatic increase of 91.90%.

Moreover, the Open Interest (OI), according to Coinglass, is also up 3.66% to $29.98 billion at the time of writing.

Source: Coinglass


Read Bitcoin’s [BTC] Price forecast 2024–2025


This increase in both volume and OI indicated a substantial influx of money into the BTC Futures market, underscoring the strength of the current price trend.

If this momentum continues, Bitcoin is likely to see even higher prices in the coming days, indicating continued interest from retail investors.

Next: Crypto Week Ahead for Bitcoin, Ethereum: How Market Sentiment Can Challenge Shorts

See also  First RGB powered NFT marketplace launched on Bitcoin 2023

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