Market Insight: Whale Awakening

“Everything In Its Right Place” – Radiohead

Over the past few days, an old bitcoin address with 80,009 BTC moved funds to Galaxy. Galaxy has since sent at least 70,000 of the BTC to various exchanges, including Binance and ByBit, implying a sale or pending sale.

In line with this news, we saw a quick turn to a risk-off stance on funding rates, with a rare dip into negative funding rates. This triggered moderate liquidations. We now see funding rates recovering as groups “buy the dip” with perps.

What’s notable here is how little impact an $8B sale of BTC has on the market and the stability of volatility and resilience of funding rates. Everything is in its right place.

It’s public knowledge that Strategy just sold $2.5B of a new preferred debt instrument that will give them some buying ammo over the next few days.

Taken all together, this seems like a good place to expect a rebound to the 116k – 120K levels we’ve been ranging within the past few days.

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