I - Onchain data from 52Hz Onchain (in Vietnamese)I translated the 52Hz Onchain's post from Vietnamese to English, with refinements and explanations of crypto market slangs. I will present text + images so we can view, quote and discuss more easily. I think this is better than sending a simple link.Mr.100, aka Upbit Making, transferred 360 BTC to Binance and OKX.
In theory, their transfer of BTC to the exchange is bearish: maybe this whale wants to sell BTC because BTC is already at a fairly high price zone.
But we also have the opposite possibility:
360 BTC = $24M transferred to the exchange can be swapped to ALTS?Upbit Making is holding many ALTS lowcaps with a very large % of the total circulating supply. Upbit Making even controls the total circulating supply of certain tokens.
Crypto market is in a thick liquidation phase: we are having many Bid and Ask orders. It is feasible to transfer BTC to the exchange and swap to ALTS in Upbit Making's portfolio.
>> It is possible that 360 BTC transferred to the exchange is bullish because this is a good time to swap to ALTS in Upbit Making's portfolio to inflate their prices.II - Technical analysis (Weekly chart)For example, consider an ALTS in Upbit Making's portfolio, STORJ: RSX is increasing again, and at the same time, MACD starts to have the first green histogram bar after the adjustment period. This could be the start of a strong pump in the near future.
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Upbit Making stops accumulating BTC: Altseason about to start?
Update on 2024.03.16Upbit is back to accumulating BTC, the budget could come from the profits from the ALTS that have been pumped recently.
Currently, Upbit is holding more than 51K BTC. Recent movements show that whales are still focused on the goal of acquiring as much BTC as possible in the market.