Bitcoin slides amid decrease in whale transactions

Bitcoin’s (BTC) price slightly declined while whale activity constantly showed downward momentum.

According to an X post by the market analysis company CryptoQuant, whales that led the downward trend in July 2022 haven’t been making moves lately. Per the post, these whales hold between 1,000 and 10,000 Bitcoins.

Large-scale selling liquidity remains low.

“Whales in the 1k~10k range that led the downward trend are still relatively quiet. Entities still exerting selling pressure are in the range of 10 to 100 $BTC..”
by @mignoletkr pic.twitter.com/QZrRlOYVkt

— CryptoQuant.com (@cryptoquant_com) November 6, 2023

The current selling pressure, according to CryptoQuant, comes from whales holding between 10 and 100 BTC.

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Moreover, data from the market intelligence platform Santiment shows that the number of whale transactions consisting of at least $100,000 worth of Bitcoin has been constantly declining since Nov. 1 — witnessing a 65% downfall.

BTC price, whale activity, open interest and Binance funding rate – Nov. 6 | Source: Santiment

Per Santiment, there have been 2,290 transactions with $100,000 worth of BTC in the past 24 hours.

Furthermore, the total open interest (OI) in BTC futures contracts has reached $6.9 billion per Santiment.

According to the market intelligence platform, the Binance USDT funding rate for Bitcoin currently stands at 0.01%. This suggests that the amount of short positions is larger than long position holders.

However, the exact amounts of short and long position holders is not specified.

Bitcoin is down by 0.05% in the past 24 hours and is trading at around $35,100 at the time of writing. The asset reached a local top of $35,340 at around 23:00 UTC on Nov. 5. Bitcoin’s market dominance currently stands at 51.8%, with a total market cap of over $686 billion.

BTC’s 24-hour trading volume rose 28% over the past day, reaching $12.5 billion.

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