Bitfinex Whale Activity Increases As Bitcoin Approaches $100k—Further Surge Ahead?

Bitcoin

Bitfinex Whale Activity Increases As Bitcoin Approaches $100k—Further Surge Ahead？

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Following a lackluster performance in recent weeks, Bitcoin appears to be seeing a steady recovery with its price now approaching the $100,000 price mark.

Particularly, so far, BTC has managed to regain some of the losses shedded in recent weeks with its price now hovering above $98,000, marking a 2.6% increase in the past 7 days.

Alongside this price movement, new data have emerged highlighting significant activity among large holders on exchanges, suggesting a shift in market dynamics.

Bitfinex Whales Show Increased Activity

A CryptoQuant analyst known as Mignolet has recently shared a detailed outlook on exchange whales and their influence on the current price action in Bitcoin. Mignolets observations focus on leverage ratios across major trading platforms. According to his analysis, the “all exchange leverage ratio” is at an all-time high.

BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

At the time of writing, Bitcoin trades at $98,091 marking a 1.2% increase in price over the past day. According to data from IntoTheBlock, the asset appears to be seeing a formation of a “massive demand zone just below the current price.”

IntoTheBlock highlighted that should the market face further downward pressure around this area, the zone may act as strong support.

On-chain data indicates that 2.76 million addresses acquired a total of 2.1 million $BTC at an average price of 97.1k, highlighting significant buying interest at this level.