{"id":112285,"date":"2020-11-15T13:00:00","date_gmt":"2020-11-15T10:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/a-bitcoin-whale-just-shorted-100m-btc-are-big-holders-expecting-a-larger-drop\/"},"modified":"2020-11-15T13:00:00","modified_gmt":"2020-11-15T10:00:00","slug":"a-bitcoin-whale-just-shorted-100m-btc-are-big-holders-expecting-a-larger-drop","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/a-bitcoin-whale-just-shorted-100m-btc-are-big-holders-expecting-a-larger-drop\/","title":{"rendered":"# A Bitcoin whale just shorted $100M BTC \u2014 Are big holders expecting a larger drop?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a34bdec87f6a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a34bdec87f6a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/a-bitcoin-whale-just-shorted-100m-btc-are-big-holders-expecting-a-larger-drop\/#Increasing_signs_of_whales_taking_profits\" >Increasing signs of whales taking profits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/a-bitcoin-whale-just-shorted-100m-btc-are-big-holders-expecting-a-larger-drop\/#Just_weekend_volatility\" >Just weekend volatility?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># A Bitcoin whale just shorted $100M BTC \u2014 Are big holders expecting a larger drop?  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>A Bitcoin (BTC) whale placed a $100 million short on Bybit, according to the pseudonyms trader CL. It comes after various on-chain data points toward a whale-driven sell-off throughout the past week.<\/p>\n<p>Though the momentum of Bitcoin remains strong, there are many reasons that make $16,000 an attractive area for sellers.<\/p>\n<p>There is significant liquidity at $16,000, primarily because it is a heavy resistance level. But the level has seen relatively high buyer demand, stablecoin inflows show. Hence, the battle between buyers and sellers at $16K makes it an area with high liquidity, which is compelling for sellers.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/7255be33-a4bc-4670-bd75-11e07b35b766.jpg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin orderbook on futures exchanges. Source: CL, Exocharts<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Increasing_signs_of_whales_taking_profits\"><\/span>Increasing signs of whales taking profits<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A seller aggressively sold Bitcoin on Bybit on Nov. 15. Order flows show that there were sell orders worth around $3.5 million on average consecutively over several hours.<\/p>\n<p>Based on the abrupt large-scale sell order, CL suggested that this may result in two scenarios. <\/p>\n<p>First, the seller could get engulfed and cause a squeeze, which might cause the BTC price to increase. Second, it could continue to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ly selling pressure on BTC. The trader <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/CL207\/status\/1327842475944263680\">wrote<\/a>:<\/p>\n<blockquote><p>\u201cApprox 2 hours ago, someone aggressive sold almost ~100M on Bybit, a 3rd of the sells are opens, personally pretty curious to see what happens if this seller\/shorter does get engulfed, or if he is let free.\u201d<\/p><\/blockquote>\n<p>Meanwhile, other major exchanges have spotted large deposits over the last 24 hours. United States-based cryptocurrency exchange Gemini saw a 9,000 BTC deposit, according to the data from CryptoQuant.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/836fbe5e-f15d-4c1c-a131-d743d172883a.jpg\"><figcaption style=\"text-align: center;\"><em>Gemini BTC inflow mean. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p>Whales typically utilize exchanges with strict compliance and strong regulatory measures, which include platforms like Coinbase and Gemini.<\/p>\n<p>Considering the large Bitcoin deposit into Gemini, which is worth $143 million, a pseudonymous researcher known as \u201cBlackbeard\u201d <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/crypto_blkbeard\/status\/1327730170212487169\">said<\/a> it is time to be cautious.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Just_weekend_volatility\"><\/span>Just weekend volatility?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As CL noted, Bitcoin\u2019s current market structure is different from the previous cycle. For instance, when BTC was at $16,000 in 2017, the market was extremely overheated with extreme volatility. The trader <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/CL207\/status\/1327604166110244866\">said<\/a>:<\/p>\n<blockquote><p>\u201cBack in 2017, when we pumped from 10k, 15, into 20k, we had OKEx weekly futures trade in 1000$ contangos, now we&#8217;re here with quarterlies only 100$ above.\u201d<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<p>This time around, the rally appears to be more sustainable and gradual. Bitcoin has continued to see a staircase-like rally over the past six months, which has allowed it to evolve into a prolonged uptrend.<\/p>\n<p>Rather than a sudden spike followed by another steep uptrend, BTC has seen upside followed by consolidation, and so on.<\/p>\n<p>As Cointelegraph\u00a0reported\u00a0earlier this month, various data, including Google Trends, show there is still little interest from retail investors unlike in late 2017. On the other hand, there is increasing evidence that Wall Street is starting to take notice.\u00a0<\/p>\n<p>Hence, there is a strong argument to be made that the ongoing rally is fundamentally different from 2017 despite the current &#8220;extreme greed&#8221; market sentiment. Notably, the available supply has decreased due to the recent halving, as well as dwindling reserves on exchanges over the past year.<\/p>\n<p>The Bitcoin futures funding rates are also neutral at around 0.01%, which means the market is not as overheated or overcrowded as it was three years ago. This trend could make the downside limited, especially in the medium term.<\/p>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/a-bitcoin-whale-just-shorted-100m-btc-are-big-holders-expecting-a-larger-drop\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# A Bitcoin whale just shorted $100M BTC \u2014 Are big holders expecting a larger drop? &#8221; A Bitcoin (BTC) whale placed a $100 million short on Bybit, according to the pseudonyms trader CL. It comes after various on-chain data points toward a whale-driven sell-off throughout the past week. Though the momentum of Bitcoin remains&#8230;<\/p>\n","protected":false},"author":1,"featured_media":112286,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/028b1b8b-d29f-4980-ba5a-e5353be89456.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74939,73785],"class_list":["post-112285","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-market-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/112285","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=112285"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/112285\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/112286"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=112285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=112285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=112285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}