{"id":280532,"date":"2021-06-22T10:22:29","date_gmt":"2021-06-22T07:22:29","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-bear-market-confirmed-analysts-at-odds-over-whales-btc-exchange-moves\/"},"modified":"2021-06-22T10:22:29","modified_gmt":"2021-06-22T07:22:29","slug":"bitcoin-bear-market-confirmed-analysts-at-odds-over-whales-btc-exchange-moves","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-bear-market-confirmed-analysts-at-odds-over-whales-btc-exchange-moves\/","title":{"rendered":"# Bitcoin bear market confirmed? Analysts at odds over whales&#8217; BTC exchange moves"},"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-6a3bf28671335\" 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-6a3bf28671335\" 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\/bitcoin-bear-market-confirmed-analysts-at-odds-over-whales-btc-exchange-moves\/#Too_many_whales_spoil_the_market\" >Too many whales spoil the market?<\/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\/bitcoin-bear-market-confirmed-analysts-at-odds-over-whales-btc-exchange-moves\/#China_sends_Puell_Multiple_tumbling\" >China sends Puell Multiple tumbling<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin bear market confirmed? Analysts at odds over whales&#8217; BTC exchange moves <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) is &#8220;confirming&#8221; a bear market because whales are still sending large amounts of BTC to exchanges.<\/p>\n<p>That&#8217;s according to Ki Young Ju, CEO of on-chain analytics service CryptoQuant, who on June 21 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1407009318336188418\">warned<\/a> over the &#8220;very uncertain&#8221; current state of Bitcoin.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Too_many_whales_spoil_the_market\"><\/span>Too many whales spoil the market?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Uploading a chart of the so-called &#8220;Whale Capitulation Index,&#8221; Ki identified the first major spate of whale selling on exchanges since July 2019.\u00a0<\/p>\n<p>At that time, BTC\/USD had just come off a run to $13,900 \u2014 a level it would not reach again until October 2020.<\/p>\n<p>As such, given this historical context, Ki joined the voices arguing that the recent $64,500 all-time high for Bitcoin could well have been a local top.<\/p>\n<p>&#8220;I hate to say this, but it seems like the $BTC bear market confirmed,&#8221; he wrote in comments. <\/p>\n<blockquote><p>&#8220;Too many whales are sending $BTC to exchanges.&#8221;<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/c29c7865-2bc8-4505-ba20-66a3478bad38.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin whale capitulation index chart. Source: Ki Young Ju\/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>The data caught the attention of statistician Willy Woo, who this week noted that hodlers were once more adding to their positions, dredging up the supply at price levels just above $30,000.<\/p>\n<p>A request for data on whales&#8217; behavior during 2017 yielded a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoVizArt\/status\/1407113423842910213\">chart<\/a> showing three distinct episodes of coins being sent to exchanges <em>en masse<\/em>. This, as the Twitter user who provided it highlighted, did not stop BTC\/USD hitting its then all-time high of $20,000 by the end of the year.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/9092578a-7cd5-46af-aa29-bb524aa3ab39.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin whale inflow ratio vs. BTC\/USD chart. Source: CryptoVizArt\/ Twitter<\/em><\/figcaption><\/figure>\n<p>Continuing, Ki himself acknowledged that it may not pay to stay bearish on Bitcoin beyond the short term.<\/p>\n<p>&#8220;To be clear, I expect my $BTC bearish bias won&#8217;t last long (maybe just a few weeks) because the market looks good in terms of supply\/demand in the long term (e.g., Stablecoins ratio(USD) and SSR),&#8221; he added.<\/p>\n<blockquote><p>So don&#8217;t get me wrong, I&#8217;m not saying it&#8217;s over.&#8221;<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"China_sends_Puell_Multiple_tumbling\"><\/span>China sends Puell Multiple tumbling<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As Cointelegraph reported, a host of factors <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>ears to be contributing to downward price pressure on Bitcoin.<\/p>\n<p><strong><em>Related:\u00a0Classic bearish chart pattern forms for Bitcoin as BTC price tumbles to $32K<\/em><\/strong><\/p>\n<p>Most notable of all is arguably the seismic shift among miners after China launched a crackdown which halted activities in some of what were previously the most intensive mining regions worldwide.<\/p>\n<p>Commentators have called the event, which is already seeing hashing power transfer to other countries, as the biggest &#8220;attack&#8221; that the network has ever witnessed.<\/p>\n<p>The network hash rate has declined considerably, but not by more than 40% from its all-time highs, while price action has retained $30,000 support.<\/p>\n<p>CryptoQuant\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/quicktake\/60d183e041fd5a3d518bca84-Whats-the-impact-of-Chinas-broader-ban-on-miners\">eyed<\/a> a corresponding drop in Bitcoin&#8217;s Puell Multiple, a classic indicator which now puts the largest cryptocurrency closer to &#8220;buy&#8221; territory.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/28672b7f-f510-4714-a30e-18aa4e049679.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin Puell Multiple vs. BTC\/USD chart. Source: LookIntoBitcoin<\/em><\/figcaption><\/figure>\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 <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\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-bear-market-confirmed-analysts-at-odds-over-whales-btc-exchange-moves\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin bear market confirmed? Analysts at odds over whales&#8217; BTC exchange moves &#8221; Bitcoin (BTC) is &#8220;confirming&#8221; a bear market because whales are still sending large amounts of BTC to exchanges. That&#8217;s according to Ki Young Ju, CEO of on-chain analytics service CryptoQuant, who on June 21 warned over the &#8220;very uncertain&#8221; current state&#8230;<\/p>\n","protected":false},"author":1,"featured_media":280533,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvMDFlYmQ5NjUtOWU1Ny00MDQ0LWFkZmUtN2I4NmY1ODVkMGVjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-280532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/280532","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=280532"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/280532\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/280533"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=280532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=280532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=280532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}