The chief executive of a data analytics company is revealing what he sees driving the current Bitcoin (BTC) price rally.
Ki Young Ju, CEO of CryptoQuant, took to Twitter to explain how the largest crypto asset by market cap’s price is being driven upwards by BTC whales rather than short-squeezers.
“This rally has been driven by whale buying, not short squeeze.
Massive $BTC buying market orders in derivative exchanges are not from short liquidations.”
A Bitcoin whale is any owner of the crypto asset holding over 1,000 BTC. A short squeeze refers to an explosive increase in asset price due to an excess of short selling.
According to CryptoQuant’s chart, BTC short positions have been down over the past several months.
“This indicates:
1. There are no big short positions liquidated so far
2. Whales punted long positions since the dip.”
Bitcoin is trading at $61,579.49 at time of writing, up 40.8% in the last two weeks, according to CoinGecko.
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