Bitcoin whales on Binance continue to hold on

Bitcoin

Bitcoin whales on Binance continue to hold on

Since dropping to a local low of $74k a week ago, Bitcoin [BTC] has made a significant recovery, hitting a high of $86k.

These significant gains reflect the shift in market sentiments from market participants, especially whales.

As such, whales have cooled down and are not selling as per CryptoQuant. This market behavior among large entities is more evidenced by whale activity on Binance.

Source: CryptoQuant

Source: CryptoQuant

This shift in market behavior is even more visible among short-term holders. As such, STH selling pressure on Binance is declining. BTC inflows (7DMA) from STHs to Binance have been steadily decreasing.

They dropped from around 17,000 BTC inflows on the 16th of November to 14,000 on the 3rd of March and are now hovering around 9,000.

This indicates that selling pressure from short-term investors on Binance is easing, which is a positive signal.

Source: CryptoQuant

With whales and short-term holders on Binance reducing selling activity, it reflects the rising demand for Bitcoin.

As such, Bitcoins Apparent Demand (30-day sum) has recently started to bounce from deeply negative territory, hinting at a possible shift in market behavior.

Source: CryptoQuant

AMBCrypto observed this shift in demand as buyers have taken the market back. This shift in dominance is evidenced by the recent spike in the Taker Buy Sell Ratio, which has reached 1.07.

When the Taker Buy Sell Ratio surpasses 1, it suggests that buyers are now dominant in the market, reflecting higher demand as investors accumulate. The rise in demand means a pause in selling pressure, suggesting a potential shift in momentum.