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There are currently large withdrawals from the exchanges that could indicate the possibility of a future sale.
Tracking the movement of whale portfolios can often be used as an indicator of general market sentiment. To date, there have been some major withdrawals from exchange platforms.
Whales move funds
According to Whale Alert (@whale_alert), two major redemptions were processed by the exchanges today, so more can be expected.
Whale Alert noted that 5,000 BTC ($ 36.4 million) was withdrawn from Bitfinex into an external portfolio.
? ? ? 5,000 #BTC ($ 36,484,419) carried over from #Bitfinex to unknown wallet
Tx: https://t.co/q9SmrKimeO
– Whale alert (@whale_alert) April 9, 2020
At about the same time, the bot registered another retreat. Around 4,000 BTC (USD 29 million) was transferred from OKEx to an external portfolio.
, 000 ? 4,000 #BTC (USD 29,109,410) transferred from #OKEx to unknown wallet
Tx: https://t.co/dbCavzlI4r
– Whale alert (@whale_alert) April 9, 2020
While we cannot draw conclusions about this retreat alone, this may indicate that the whales are choosing HODL amidst this unique economic situation. This is a good sign of the short-term future of the crypto market.
Uncertain times
Analysts have split what to expect when we get closer to halving Bitcoin
BUY NOW. Some, scheduled for mid-May, speculated that miners would be willing to leave their properties before their profits halved due to Bitcoin’s halving. However, mining pressure has been absorbed so far – Bitcoin is currently trading at $ 7,300 and has risen 0.43% that day.
However, the most important metrics considered by traders are no longer based on the cryptocurrency market, but on macroeconomic trends. With US unemployment claims increasing and consumer confidence low, there is concern that recovery from the virus will be slow. It is currently unclear how this will affect the crypto market.
The Federal Reserve has been keen to support financial markets, but there is uncertainty as to whether this strategy will be effective. As the Fed has said, “unlimited cash” is readily available. With interest rates already close to 0%, the Fed is running out of instruments to resolve future crises.
The “jury” does not yet know what to expect, but the fact that the whales are removing their money from the exchanges could suggest that there is some confidence that the crypto market will weather this storm.
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As a leading blockchain and fintech news company, BeInCrypto always strives to comply with strict editorial guidelines and the highest journalistic standards. With this in mind, we always encourage and encourage readers to do their own research into the information contained in this article. This article is intended as news and is for informational purposes only. The topic of the article and the information provided may have an impact on the value of a digital or cryptocurrency asset, but is never intended. Likewise, the content of the article and the information contained therein do not intend and do not intend to provide sufficient information for a financial or investment decision. This article is not expressly intended as financial advice, it is not financial advice and should not be construed as financial advice. The content and information in this article have not been prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making an investment decision. The author of this article may have any amount of Bitcoin, cryptocurrencies, other digital currencies, or financial instruments at the time of writing, including but not limited to those listed in the content of this article.
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