Bitcoin Whales Showing Uneven Support for Latest Rally

Dow Jones08-26 22:18

1018 ET - Big Bitcoin holders aren't uniformly buying in on the cryptocurrency's recent rally, XS.com's Simon-Peter Massabni says in a note. The latest rise has been propped up by spot Bitcoin ETF purchases and renewed short-position liquidations, he says. Accumulation from Bitcoin whales meanwhile has been mixed, with some adding to their position and others selling, raising questions about the rally's strength, Massabni says. Whales with more than 10,000 bitcoin increased their holdings collectively by nearly 16,000 bitcoin on Tuesday, but smaller whales, holding between 1,000 and 10,000 bitcoin, sold more than 20,000 bitcoin in that span, he says. The rally will need stronger accumulation from all of the whales to support a sustained advance, Massabni says. The cryptocurrency is currently trading sideways near $78,000.

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