According to Datamish, Bitcoin (BTC) whales with long BTC holdings on Bitfinex suddenly cashed out on March 25 at around 13:00 UTC.
According to the data, these wallets have been dormant since June 2022, and their combined value is 12,000 BTC. This movement shows a limited group of purchasers driven to leave their long and short BTC positions to benefit from the latest value increase.
Bitfinex is shutting down.
The cash out on March 25 represents the biggest significant change in BTC’s long positions since June of last year. The data below depicts the number of long BTC positions since May 20, 2022.
The 12,000 BTC decrease occurred when the total number of long BTC holdings was just above 110,000 BTC. The overall picture will not be so bleak if the whale exits indicating a bearish attitude. At the time of writing, the total amount of BTC sitting in long positions is 93,511, showing a robust optimistic market attitude.
Quickly available positions
Buyers who keep short BTC positions also contribute to the bullish market sentiment. According to CryptoSlate experts, short BTC positions have steadily declined since the end of 2022.
BTC price increase
BTC’s recent price increase has contributed substantially to the bullish market attitude.
On March 21, BTC surpassed $28,000, causing liquidations to raise approximately $230 million in less than 24 hours. According to a March 21 CryptoSlate report, the spike also prompted long-term holders to liquidate their investments.
“Long-term holders are some of the critical components,” according to the report, “as their behavior determines native bottoms and fuels future value rallies.” As soon as BTC broke through $28,000, long-term holders hurried to sell a chunk of their holdings, causing the BTC value to fall marginally.
