JAKARTA The largest crypto-owner entity or Whale that holds the long Bitcoin (BTC) position on Bitfinex suddenly disbursed its assets on March 25, according to data from Datamish. This crypto wallet or Wallet has been inactive since June 2022, and the total amount of assets disbursed is 12,000 BTC.

This movement represents a small segment of investors who want to get out of their long and short BTC positions to take advantage of recent price increases. Sales on Bitfinex represent the biggest significant change in BTC's long position since June last year. This shows BTC's long position volume since May 2022. A 12,000 BTC drop occurs when BTC's long position aggregate volume is slightly above 110,000 BTC.

Additional information, Long and Short trading are positions taken by investors in predicting the direction of the price movements of traded assets. Long's position is taken if investors estimate prices will rise, while the short position is taken if investors estimate prices will fall.

Although the exit of these large investors can show bearish market sentiment, the overall picture is not so pessimistic. Currently, the total volume of BTC in long positions stands at 93,511, reflecting strong bullish market sentiment.

Meanwhile, the behavior of investors holding short BTC also supports bullish market sentiment. According to CryptoSlate analysts, the short position of BTC has recorded a steady decline since late 2022. Currently, BTC's short position is at its lowest for a year. This shows that "investors don't want to bet against BTC," as CryptoSlate analyst James V. Straten said.

The recent increase in BTC prices contributed greatly to the current bullish market sentiment. BTC jumped past $28,000 on March 21, which caused liquidation to reach more than $230 million within 24 hours. The price increase also prompted long-term asset holders to sell their positions, as revealed by CryptoSlate research on March 21.

"Long-term asset holders are one of the most important factors," the study said, "because their behavior determines local lows and spurs future price rallies." Along with BTC breaking $28,000, long-term asset holders are racing to sell part of their assets, so the price of BTC is slightly lower.

A similar movement was recorded during the BTC price increase that occurred on March 15. Long-term BTC asset holders sell more than 43,000 BTC between March 15 and March 17.


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