Someone is buying thousands of BTC sold by weak hands this month.
) is being aggressively bought up at prices near $30,000 as bidders begin to soak up liquidity from short-term sellers.that as of late December, Bitcoin exchanges have begun to shed their BTC reserves once more.After a period of traders sending BTC to exchanges, possibly to sell or to have on the side to divest away from further losses, exchanges are now seeing larger overall outflows than inflows.
Between Dec. 7 and Dec. 28, 2021, BTC reserves of the 21 major platforms monitored by CryptoQuant increased from 2.396 million to 2.428 million BTC. Thereafter, the longer-term downtrend resumed, and as of Monday, exchanges’ tally stood at 2.366 million BTC — despite spot price action sitting at six-month lows.Older whales, meanwhile, despite showing some impatience in recent years, are still apt to spark price trend reversals, CryptoQuant CEO Ki Young Ju believes.in a series of tweets about the topic, noting that institutions have likely been the main buyers since 2020.
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