Bitcoin Market Update [22Feb22]
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Whales Ratio - Daily View
Chart Analysis:
Whales ratio (1) has lifted up yesterday a bit. But not a big move anymore.
Whales Ratio 30d Average (2) is lifting up indicating a rising sell pressure by whales. Stablecoin reserves in daily declining. Even the circulating supply in stablecoins is declining at the moment. Indicating some big cash outs happening.
Total exchange Netflows (3) very negative showing big outflows yesterday. We had much more outflows than inflows yesterday.
Inspos Conclusion: Big outflows looks bullish. Stablecoin outflows bearish. Like yesterday no a strong and solid trend detected here.
URL to chart: https://cryptoquant.com/prochart/vYNO3z1cx9LcSvg
Market Flow Analysis
Chart Analysis:
Today we have a nice volume in outflows (1) related to stablecoins and less inflows (2) even if received almost $1 billion today! However spot BTC inflows (3) on exchanges not that big anymore like the weeks before.
Inspos Conclusion: Big outflows in stablecoins is not a bullish sign at all. But the $1 billion could indicate a pump soon, even if the whales ratio isn’t indicating that. Maybe only to reduce the dump impact generating buy pressure.
URL to chart: https://cryptoquant.com/prochart/czejQkfJy5OBF69
Miners Flow Analysis
Chart Analysis:
Miners outflows rised today a bit. Their reserves are declining even more. Since 10Feb22 their reserves are in a downward trend.
Inspos Conclusion: Miners are not in sell-off mode. The declining reserves are not concerning me yet. We need to observe their reserves more in the coming days.
URL to chart: https://cryptoquant.com/prochart/W1qyCruejyfhoEh
Future Trading Analysis
Data Analysis:
Funding rates showing a bigger demand for shorts than longs in the last 8 hours. But not a big gap it seems. The Long/Short ratio for the last 12 hours showing more longs on the table than shorts. But also here, no the big difference. Open Interests lifting up a bit by 0.29% since yesterday.
Inspos Conclusion: Not useful this time. We can’t detect a solid trend here. Bitfinex future traders are clearly bullish instead since few days.
URL to chart: https://www.coinglass.com/FundingRate
Exchange Order Walls
Analysis:
Bitfinex limiting the way up at 46.6k and the way down at 35.8k and a lot of mini BTC buy orders (max 50 BTC) below the current price level.
Inspos Conclusion: The at 45k are still there but they have started to place new walls in lower ranges now. 35k also here like at options key level!
URL to chart:
https://www.tradinglite.com/
Inspos Conclusion and personal trade strategy
Whales ratio maintaining its mid level, not too bearish but also not bullish. We’re receiving a lot of stablecoins on exchanges, but at the same time big outflows and circulating supply is declining indicating cash outs in fiat! Option traders expecting a bearish week and buying more puts in ranges between 35k - 37k indicating they expect more a bearish price action. Exchange walls showing new walls in lower ranges and big walls around at 35k.
It looks more bearish as bullish but in my opinion, not worth to trade that today. The situation in Ukraine is escalating today. That could have a big impact to the markets. But based on whales ratio, I can’t see any whales preparations for pump or dump yet.
I think it’s a good day to stay away. If we pump due the stablecoin inflows, maybe a good entry for shorts if we dump hard instead we could trigger a sell-off with a long cascade. The week is going to be very interesting again. I will tweet big changes!