Some analysts have noticed that the price of Bitcoin on Bitfinex has been consistently higher compared to other exchanges since January 16th. This $200 “premium” on Bitfinex could be due to whale purchases. While Bitfinex is used by Tether and other crypto whales, Coinbase is popular among retail users. However, there has been an increase in trading volumes on Bitfinex over the weekend, suggesting whale activity.
This indicates a possible new period of whale accumulation, similar to what was observed in 2023. During that time, BTC deposited on exchanges decreased, signaling a decrease in selling pressure. Whales took this as a bullish signal and accumulated Bitcoin. With the recent decline in prices below $40,000, it’s possible that some whales are accumulating again after selling at higher prices.
There are also other factors to consider, such as the trend reversal and the correlation with Chinese stock exchanges. The price of Bitcoin seems to have found support around $38,000, with some whales buying to prevent further decline. Additionally, there appears to be a correlation between the price of Bitcoin and the Hang Seng index of the Hong Kong stock exchange since January 18th.
While these indicators are not definitive, they could suggest a possible end to the recent decline in Bitcoin’s price. If the whales’ predictions hold true, we may not see a significant drop below $38,000 in the coming days.
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