Bitcoin remains silent due to uncertain signals… Pay attention to the ‘big hand’ movement [Bit코인]

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Bitcoin appears to be losing strength as it approaches $100,000.

According to CoinGecko, a virtual asset (cryptocurrency) statistics site, at 10:20 am on the 29th (Korean time), Bitcoin was traded at $95,580.95 (average price on major exchanges), down 0.7% from the previous day. Ethereum was down 2.0% from the previous day to $3560.91, and Binance Coin was down 0.1% to $653.39.

In addition, Solana -2.6%, Ripple +4.4%, Ada +2.1%, Toncoin -0.3%, Dogecoin -1.2%, Tron +0.4%, Avalanche -2.2%, Shivanu -2.1%, Polkadot +1.4%, Uniswap -1.8%, Aptos -0.3%, Litecoin -1.9%, Polygon -0.7%, Cosmos recorded -0.7% and OKB -2.9%.

While the U.S. stock market was closed, the virtual asset market showed mixed results. As Bitcoin approaches expiration of options on the 30th and profit-taking listings emerge, attention is focused on the movements of ‘whales’, who are large Bitcoin holders.

Glassnode, an on-chain data analysis platform, predicted, “The reasons for Bitcoin’s recent failure to break the $100,000 resistance line can be attributed to miners’ selling and long-term holders taking profits.”

CryptoQuant also said, “Short-term investors lost about $4 billion in the recent Bitcoin correction,” and “Whales, on the other hand, took advantage of these panic sells to purchase an additional $1.5 billion worth of BTC. Currently, it shows a pattern of low-price buying opportunities.” “It is not enough and it is still concentrated among institutional investors. Large-scale spot purchases by institutional and individual investors are needed to break a new record price.”

Separately, Bitcoin futures open interest (OI) has increased significantly. Open interest refers to futures and options contracts that remain unsettled and is used as an indicator of the degree of investor participation in the market. When the size of open interest is large, the market usually perceives that volatility is high.

Citing Coinglass data, The Block reported that the size of Bitcoin OI increased significantly after Donald Trump won the US presidential election.

The media reported, “Bitcoin outstanding interest was around $39 billion at the beginning of this month, but has now increased significantly to $60.9 billion.”

In relation to this, Bitfinex Research said, “After Trump’s victory, traders are optimistic about a rise in the price of Bitcoin, and this sentiment appears to have naturally influenced the increase in open interest,” adding, “In addition, the size of open interest decreased slightly as of the 22nd. , The price retest around $93,000 was a ‘normal retracement’ process,” he explained.

However, some say it was a breather for an upward trend.

David Puel, an on-chain analyst at ArkInvest, a Bitcoin spot exchange-traded fund (ETF) issuer, said, “Bitcoin is taking a breather before hitting a new record high. The bullish cycle will continue until a strong reversal signal emerges until the end of the year.” “We expect it to reach between $100,000 and $120,000,” he said.

He added, “We need to keep an eye on monetary policy and the attitude of the Securities and Exchange Commission (SEC).”

Meanwhile, the investment sentiment indicator showed a state of ‘greed’. Alternative, a virtual asset data provider,’s self-estimated ‘Fear and Greed Index’ was 78, up 1 point from the previous day, showing a ‘greed’ state. The closer the index is to 0, the more extreme market fear it is, and the closer it is to 100, the more extreme optimism it is. The fear and greed index is based on volatility (25%), transaction volume (25%), amount of SNS mentions (15%), surveys (15%), Bitcoin market capitalization weight (10%), and Google search volume (10%). It is calculated as