Whale selling pressure is too great to preserve the bull market for now, one warning says, while similarities to 2017 provide a silver lining for hodlers.
Bitcoin (BTC) is "confirming" a bear market because whales are still sending large amounts of BTC to exchanges.That's according to Ki Young Ju, CEO of on-chain analytics service CryptoQuant, who on June 21 warned over the "very uncertain" current state of Bitcoin. Too many whales spoil the market?Uploading a chart of the so-called "Whale Capitulation Index," Ki identified the first major spate of whale selling on exchanges since July 2019. At that time, BTC/USD had just come off a run to $13,900 — a level it would not reach again until October 2020.As such, given this historical context, Ki joined the voices arguing that the recent $64,500 all-time high for Bitcoin could well have been a local top."I hate to say this, but it seems like the $BTC bear market confirmed," he wrote in comments.