Bitcoin Whales Driving The Rally Are Now Taking Profits, Data Suggests
This article discusses how Bitcoin whales on the BitMEX exchange have shifted from driving the recent rally to profit-taking. The Open Interest metric, which tracks the total amount of Bitcoin derivative positions on a centralized exchange, had initially increased during the rally but has since plummeted. This suggests a large-scale closure of positions on BitMEX while the metric for Binance remains high. Additionally, the Funding Rates, which indicate sentiment among derivative traders, have returned to neutral values after being favorable during the high Open Interest period. The analyst believes that BitMEX whales have taken their profits and their withdrawal may impact the continuation of the rally. The current price of Bitcoin is around $43,600.
