Bitcoin Selling Trader Whale Nyerok BTC

JAKARTA - In the past week the price of Bitcoin has increased significantly, BTC has touched its new all-time high (ATH) several times. Meanwhile, according to CoinMarketCap, the latest ATH score was at the level of 89,915 US dollars (Rp1.4 billion) on November 12 yesterday. Traders took advantage of this increase by taking profit. While others are afraid to miss the increasing price rally aka FOMO (Fear of Missing Out).

Analysts from crypto research firm Santiment revealed that the surge in Bitcoin prices, which has almost touched 90,000 US dollars in recent times, has made Bitcoin holders optimistic. Not a few predict the price of Bitcoin could reach a six-digit value in the near future.

Santiment assessed that the FOMO phenomenon could actually increase BTC purchases, along with price expectations that could penetrate 100,000 US dollars (Rp1.55 billion). The latest BTC price achievement was quite surprising considering that two to three months ago, this price target was considered difficult to achieve. However, after a price increase of 70% since the big decline on August 5, the views of the crypto community changed.

Even so, the Bitcoin price spike was also followed by an increase in selling action among traders who were trying to take advantage of the peak price. Santiment data shows a major spike in sales transactions to take profits, especially on crypto trading platforms Binance and Bitmex, where traders take advantage of price increases with leverage and high margins to maximize their profits.

However, in the midst of selling retail traders or small traders, there are large investors or whales that continue to add to their Bitcoin collection. In its annual report, Santiment noted that wallets controlled by whales and sharks with a minimum of 10 BTC have increased ownership to 234,150 BTC in the past year. This amount is now equivalent to 19.76 billion US dollars (around Rp306.28 trillion).

Santiment also noted that although euphoria is currently high, the level of optimism has not yet peaked as it did last March when Bitcoin was in its highest pricing cycle. They estimate that the price of Bitcoin still has the potential to rise, as long as large investors continue to add their assets and retail traders continue to provide liquidity by selling their assets at a time of seeing potential price corrections.