Bitcoin Stabilizes Above $114K as Whales Accumulate
- Bitcoin’s price rose from $110,000 to approximately $114,900 this week.
- Since mid-October, about 62,000 BTC (roughly 0.4% of total illiquid supply) moved out of long-term wallets.
- Whale wallets have increased their positions over the past month without significant selling since October 15.
- Open interest in derivatives stands at around $4.1 billion, with a slight bias towards shorts.
- Approximately $413 million in liquidations occurred in the last day, mostly from short positions.
- Ethereum’s price increased by about 6%, reaching $4,186.
The recent movements indicate a shift in Bitcoin’s market dynamics, with whales absorbing supply while smaller holders sell off assets. This redistribution phase suggests that larger holders are consolidating their positions amid a balanced leverage environment.
Currently, Bitcoin is expected to fluctuate between $113K and $116K as the market stabilizes after moving up from $110K to nearly $115K due to whale accumulation and mild short covering.Source
