Monster bull move’ means whales could secure the next Bitcoin price surge
A classic bull run forecasting metric goes “full bull,” while whales look to hedge exposure to the Federal Reserve this week.
Bitcoin (BTC) whales are the center of attention this week as buying and selling habits split the BTC price narrative.
New findings from on-chain analytics firm CryptoQuant show derivatives investors leading the way when it comes to bullish bets on Bitcoin.
“Sick” BTC price indicator favors bulls
The second half of November produced a marked uptick in the buy/sell ratio on major derivatives trading platform Deribit, and for contributing analyst Cole Garner, this is a sure sign that price action will react positively in the near term.
“I recently discovered the ratio of market buys & sells of perpetuals on Deribit Exchange is a sick leading indicator,” he commented.
“This is a 30 day WMA. Strong bullish trends in the metric have preceded every strong bullish price trend of this bull. And it just printed monster bull move.”
The data ties in with other recent observations from the exchange sphere against a backdrop of whale interest continuing throughout the price correction from all-time highs.