There are currently fears that Bitcoin may slip below $40,000 as institutional traders, otherwise known as whales, have continued to syphon more of the coins from exchanges.
At the time of writing, Bitcoin is trading at $40,468.
BTC/USD 24 hour trading chart (Source: Trading view)
Commenting on the development and making reference to the movement of 30,000 Bitcoins from popular American professional crypto exchange, Coinbase Pro, CEO of CryptoQuant (an online analytics platform), Ki Young Ju, said crypto whales might again be a big narrative in the industry.
He confirmed large tranches of BTC have continued to leave Coinbase Pro, adding that over 30,000 BTC moved in a single day in this past week. This is also similar to what the market experienced in March.
“30k BTC flowed out from Coibase today,” he told Cointelegraph.
“Institutional buys might be the big narrative again because the Executive Order did not create any hurdle.”
From all indication, the executive order signed by President Joe Biden in March is yet to take full effect as institutional traders appear not to be deterred.
Expressing his view, popular commentator, Dylan LeClair siad:
“Correlation breaks eventually — for multiple reasons. My guess: Eventually the credit system breaks and volatility explodes. BTC follows but more because of deriv traders and not spot selling. BTC bears conditioned to fade every rally get rekt as spot supply continues to constrain.”