{"id":174893,"date":"2021-02-10T15:00:00","date_gmt":"2021-02-10T12:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoins-elon-musk-pump-rally-to-48k-was-exclusively-driven-by-whales\/"},"modified":"2021-02-10T15:00:00","modified_gmt":"2021-02-10T12:00:00","slug":"bitcoins-elon-musk-pump-rally-to-48k-was-exclusively-driven-by-whales","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoins-elon-musk-pump-rally-to-48k-was-exclusively-driven-by-whales\/","title":{"rendered":"# Bitcoin&#8217;s &#8216;Elon Musk pump&#8217; rally to $48K was exclusively driven by whales"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 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-6a21473de831f\" 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-6a21473de831f\" 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\/bitcoins-elon-musk-pump-rally-to-48k-was-exclusively-driven-by-whales\/#Why_are_whales_driving_the_price_of_Bitcoin_up\" >Why are whales driving the price of Bitcoin up?<\/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\/bitcoins-elon-musk-pump-rally-to-48k-was-exclusively-driven-by-whales\/#Why_now\" >Why now?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin&#8217;s &#8216;Elon Musk pump&#8217; rally to $48K was exclusively driven by whales <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>The price of Bitcoin (BTC) rallied to above $48,000 on Feb. 9, and has been consolidating since. Analysts from Material Indicators found that whales were the primary driver of the rally.<\/p>\n<p>This is largely considered a bullish sign. The probability of a Bitcoin top would increase when retail investors enter into the market en masse, as both the spot and derivatives markets get overheated.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_are_whales_driving_the_price_of_Bitcoin_up\"><\/span>Why are whales driving the price of Bitcoin up?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In recent months, so-called \u201cmega whales\u201d sold large amounts of Bitcoin between $33,000 and $40,000. <\/p>\n<p>Orders ranging from $1 million to $10 million rose significantly across major cryptocurrency exchanges, including Binance.<\/p>\n<p>But as the price of Bitcoin began to consolidate above $33,000 after the correction from $40,000, the buyer demand from whales surged once again.<\/p>\n<p>Analysts at \u201cMaterial Scientist\u201d said that whales have been showing unusually large volume, around $150 million in 24 hours. <\/p>\n<p>This metric shows that whales are consistently accumulating Bitcoin in the aftermath of the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> that Tesla bought $1.5 billion worth of BTC. They\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Mtrl_Scientist\/status\/1359069008327307264\/photo\/1\">said<\/a>:<\/p>\n<blockquote><p>\u201cAnd finally, whales are still driving this whole thing and are up big-time! Why is blue up so much, you might ask. Bc of whales having an unusually large abs net vol ($150M in last 24h)! Usually, they only make up a tiny fraction of the tot CVD, but now they&#8217;re the majority. So, this move to $50k was almost exclusively whale-driven!\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/1d20ef46-903e-4178-b718-1a9e5fd020f9.jpeg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin whale CVD data. Source: Material Indicators<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Why_now\"><\/span>Why now?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Analysts say that the frenzy around public companies owning Bitcoin creates a positive market sentiment around the dominant cryptocurrency.<\/p>\n<p>Filbfilb, a pseudonymous Bitcoin trader, said that in the current economic environment, shareholders would likely demand pubic companies to secure exposure after Tesla derisked holding Bitcoin.\u00a0<\/p>\n<p>Additionally, Raoul Pal, the CEO of Real Vision Group, also emphasized that Bitcoin is still early in its rally. <\/p>\n<p>In terms of mainstream awareness, there is still <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly a low level of awareness of Bitcoin among casual investors. In 2017, many retail investors were rushing to purchase Bitcoin. Pal <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/RaoulGMI\/status\/1358968002453118977\">explained<\/a>:<\/p>\n<blockquote><p>\u201cToday I had a zoom call with my oldest, best friends I\u2019ve know from 6 years old, onwards. Some are wealthy and some are struggling. Only 2 own bitcoin out of 12 and I\u2019ve begged and pleaded for a year. On the other hand my yoga teacher keeps asking for payments on bitcoin ! Early.\u201d<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/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\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-s-elon-musk-pump-rally-to-48k-was-exclusively-driven-by-whales\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin&#8217;s &#8216;Elon Musk pump&#8217; rally to $48K was exclusively driven by whales &#8221; The price of Bitcoin (BTC) rallied to above $48,000 on Feb. 9, and has been consolidating since. Analysts from Material Indicators found that whales were the primary driver of the rally. This is largely considered a bullish sign. The probability of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":174894,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvOGI3ZjJhYTMtMzJlYy00MWU0LWJmMTQtMmUxZjMyOTQzZjAxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,74862,74937,73785],"class_list":["post-174893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/174893","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=174893"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/174893\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/174894"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=174893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=174893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=174893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}