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Whale, whale, whale… look who’s behind the recent pullback? On-chain data suggests that consecutive peaks in the whale ratio corresponding to immediate BTC price corrections is evident since the start of the year. The discussion thread on Twitter reveals that the massive sell-off was triggered by market participants’ quick, if not misled, reaction to data providers’ whale alerts. This reveals that the leveraged markets are extremely susceptible to speculation, and the tiniest spark could start a fire.
Talk about a mid-week motivation! March 17, coincidentally St. Patrick’s Day, marks the official date of the direct deposits of $1,400 stimulus checks stateside. A survey by Mizuho Securities estimated that nearly $40 billion of the direct stimulus checks could be spent on investment — with Bitcoin among the asset types. The crypto market could, in turn, anticipate as much as a 3% increase in its market value.