Bitcoin Whales Short $225.79M as BTC Remains Trapped in Narrow Range
Two Bitcoin whales have placed significant bearish bets on the cryptocurrency, contributing to selling pressure in the market. According to CryptoQuant's Futures Average Order Size, larger traders had returned to the Futures market after a month-long absence.
The Derivatives Taker Buy/Sell Ratio remained above 1 for two consecutive days, indicating that taker-buy volume exceeded taker-sell volume during that period. However, this did not necessarily mean that most traders were shorting Bitcoin.
One of the whales held a short position worth $136 million in BTC, while another had lost around $978,000 after reducing his position three times this week before adding 269.35 BTC to his short position. Together, their shorts added nearly $226 million in bearish exposure to the market.
Despite these bearish whale positions, Bitcoin has continued to hold its support level of $63,000, and the Momentum Shift indicator remained positive at 4,245.91. However, trading below the MaMA band kept BTC beneath an important technical resistance zone of around $64,649 and $65,454.