“Monster bull market action” means that whales can ensure the next Bitcoin price surge

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Bitcoin (Bitcoin) Whales are the focus of attention this week because buying and selling habits have split the BTC price narrative.

New discoveries of on-chain analytics companies CryptoQuant Shows that derivatives investors are leading the way in Bitcoin bullish bets.

“Sick” BTC price indicator is good for bulls

In the second half of November, the buy/sell ratio of the major derivatives trading platform Deribit increased significantly. For special analyst Cole Garner, this is a clear sign that price trends will react positively in the short term.

“I recently discovered that the market buy-to-sell ratio of perpetual contracts on Deribit Exchange is a pathologically leading indicator,” he commented.

“This is a 30-day WMA. The strong bullish trend of this indicator precedes every strong bullish price trend in this bull market. It just prints the move of the monster bull.”

Data and Other recent observations In the entire price adjustment process from historical highs, under the background of continued interest in whales, came from the field of exchanges.

The broader foreign exchange reserves are now at a four-year low, which means that BTC on the exchange’s books is less than at any time since the historical high of $20,000 in 2017.

Bitcoin foreign exchange reserves chart. Source: CryptoQuant

Fed pressure on BTC positions

However, the other side lies in stablecoins. The number of redemptions this week hit a record high, which means that whales are hedging their exposure to Bitcoin.

“The redeemed stablecoin index shows ATH (the highest in history). It is uncertain whether the whales will cash out before market volatility in response to the December 16 FOMC announcement, but this is also one of the uncertainties,” CryptoQuant author Dan Lim explain.

“So far, we will remain cautious until some uncertain factors are resolved.”

*The screenshot shows a steady peak of redemption. Source: CryptoQuant*

This week the Federal Reserve will hold a meeting to signal the future of quantitative easing in the form of asset purchases, which may have a wide-ranging impact on the macro and crypto markets.