Whale Deposits $57.6M BTC At $94K, $88K Key For Short-Term Holders

The whale’s BTC activity revealed strategic timing and substantial profit-taking.

A notable deposit of 612 BTC (~$57.6M) was made to Binance near the 24-hour peak price of $94,117, likely yielding a $34.14M profit with a 146% realized gain.

This deposit followed a dormant period of nearly a year, where the whale withdrew 650 BTC from Binance at an average price of $38,331 in April 2023 and January 2024.

The chart indicated consistent Bitcoin accumulation, with inflows of 200 BTC, 50 BTC, and 400 BTC coinciding with market price lows.

These strategic inflows were later offset by the single large outflow near a market high, highlighting precise market timing.

The whale’s cumulative realized and unrealized gains reached $36.24M by the peak. If all sold at $94,117, their strategy exemplified near-perfect execution of buy low, sell high principles.

– Advertisement –

BTC Short-term Holders Amid UTXO Realized Price Distribution

Bitcoin’s UTXO Realized Price Distribution (URPD) across various price levels revealed $88,000 level served as the Short-Term Holder (STH) cost-basis and a pivotal threshold for market momentum.

A lack of realized volume was visible below this cost-basis, forming an “airgap” zone between $84,000 and $89,000. This absence indicated minimal trading activity within this price range.

Clusters of significant activity were observed at $16,000, $23,000, $48,000, and near $100,000, reflecting concentrated realized price accumulation.

The largest volume spike occurred around $24,000, indicating heightened trading at this level.

Volume was considerably reduced near $60,000 and $89,000, signaling reduced market engagement.

The absence of realized volume below $88,000 suggested potential downside risks if this key level was breached.

The price gap implied that BTC prices could face rapid declines to $84,000, should selling pressure intensify.

Conversely, regaining momentum above $88,000 might reinforce bullish sentiment, attracting traders back to the $100,000 zone.

Market Makers Increases Depth Levels

The price chart reflected distinct behavior across BTC market depth levels.

At the quote level, cumulative delta initially showed an upward trend but shifted downward, signaling increased selling pressure by market makers (MMs).

This trend aligned with the depth between the quote level and 1%, indicating similar sell-side dominance.

Between the 1% to 2% and 2% to 5% depth levels, cumulative delta exhibited upward movement, reflecting growing demand with more bids than asks over time.

This divergence suggested that deeper book levels experienced increased buyer interest, contrasting with market maker activity closer to the price.

The shift in market maker positioning implied that BTC might gravitate toward deeper liquidity levels if sell pressure persists.

The increase in depth further from the price indicated heightened market anticipation for future movement. Monitoring these levels is crucial as depth trends could indicate price direction.

If bid-side demand sustains at greater depths, BTC could recover toward higher levels. Conversely, continued quote-level sell pressure might lead to further downside.

This chart highlighted evolving dynamics in BTC liquidity and potential price implications.