Bitcoin (BTC<\/a>) whales are betting on a rebound as fresh data shows \u201cclassic\u201d bottom behavior.<\/p>\n According<\/a> to on-chain analytics platform CryptoQuant, large-volume investors are moving coins to derivatives exchanges en masse this month.<\/p>\n As BTC\/USD hit its lowest levels since the end of June<\/a>, whales were responding kind.<\/p>\n In one of its Quicktake market updates posted on Sept. 7, CryptoQuant analyst Maartunn flagged a marked uptick in the monthly average number of transactions made between spot exchanges and derivatives platforms.<\/p>\n Whales, Maartunn argued, are hedging their losses and transferring funds to use in futures bets.<\/p>\n \u201cA typical thing for local bottoms is a spike on Exchanges to Derivative Exchanges Flow Mean (30d MA). And guess what, that’s happening right now,\u201d he began.<\/p>\n The phenomenon was already in progress prior to the latest BTC price dip. <\/p>\n On Ether (ETH<\/a>), derivatives exchanges were already seeing increased inflows in the run-up to the Merge<\/a> event set for next week. As such, ETH markets are currently front-running Bitcoin by almost three months, explains Maartunn.<\/p>\n \u201cThe assumption in this thesis is that whales will deposit Bitcoin on derivates exchange to open futures (long) positions and be able to protect their positions forming a local bottom,\u201d the update concluded:<\/p>\n \u201cImportant thing to notice: Ethereum is leading the market for already 80 days, mainly driven by \u2018The Merge\u2019-hype. That hype will come to an end later this month, which could have a significant impact on the crypto-market. This could heavily involve observations like this.\u201d<\/p><\/blockquote>\n Meanwhile, separate observations from monitoring resource Whalemap focused on a potential sale of 5,000 BTC, which had previously stayed dormant since Christmas 2013.<\/p>\n Related:\u00a0Bitcoin is a ‘wild card’ set to outperform \u2014 Bloomberg analyst<\/a><\/em><\/strong><\/p>\n The move follows suspicions over several tranches<\/a> of 5,000 BTC moving around the network after nine years\u2019 hibernation in recent weeks.<\/p>\n Someone cashed out 5000BTC yesterday making a whopping a $95,000,000 profit<\/p>\n Original price of acqusition was $698 for him which is a 2800% increase from current price<\/p>\n What a guy pic.twitter.com\/mUuul2Z3YL<\/a><\/p>\n \u2014 whalemap (@whale_map) September 5, 2022<\/a><\/p><\/blockquote>\n Whalemap additionally reiterated key on-chain support levels in place based on large-volume accumulation in the past.\u00a0These take the form of $19,000, $16,000 and $13,000.<\/p>\n “Prime time for $BTC,” the Whalemap team wrote in comments<\/a> as the June lows returned.<\/p>\n The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<\/div>\nAnalyst: Whales protectin positions \u201cforming a local bottom\u201d<\/h2>\n
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Major cashing out continues<\/h2>\n
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