BitMEX whales have been making strategic moves to absorb Bitcoin (BTC) sell-offs from Binance, leading to speculation about a potential pump in the near future.
Today, leading on-chain analytics firm CryptoQuant shed light on this development, noting that the exchange’s whales have significantly increased their positions during the recent price dump while concurrent liquidations unfolded on Binance.
Notably, CryptoQuant expert “BQYoutube” underscored that should this trend persist over the ensuing hours, it might signify the successful absorption of Binance sell-offs by Bitmex whales, potentially setting the stage for a short-term market pump.
Notably, the co-founder of BitMEX, Arthur Hayes, has been a vocal advocate for Bitcoin, a stance likely influencing the substantial surge in Bitcoin acquisition by the exchange and its investors. Hayes recently conveyed his bullish sentiments, attributing the latest Bitcoin rally to global banks’ purportedly reckless money printing. Hayes, foreseeing a new Bitcoin bull market, also anticipates a climactic blow-off top sometime before 2027.
Meanwhile, for the past few months, the crypto community has witnessed a significant outflow of BTC from Binance to other exchanges, particularly Coinbase. Analysts attribute the dwindling Bitcoin reserves on Binance to retail outflows, connecting it to the exchange’s ongoing legal challenges in the United States. Notably, the pervasive uncertainty stemming from legal issues has prompted users to seek refuge in compliant or licensed exchanges.
That said, investor optimism remains high, as revealed in a Santiment survey where 66% of respondents express hope for Bitcoin’s 2024 returns to surpass last year’s impressive 145% surge. The cryptocurrency’s strong start in the new year aligns with predictions from Asia-based crypto trading firm Matrixport, which foresees Bitcoin exceeding $50,000 before January ends.
Nevertheless, a note of caution has been sounded by renowned crypto analyst Ali Martinez, who highlighted historical trends that could foreshadow Bitcoin’s path on Sunday. Emphasizing that solid performances in September to December historically precede bearish January trends, Martinez advised investors to stay vigilant, anticipating a potential increase in profit-taking this month.
Meanwhile, Bitcoin has surged over 7% in the last 24 hours, shattering the critical resistance at $44,500 and hinting at the possibility of an extended bullish trend. At press time, the leading cryptocurrency was trading at $44,851.
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