Cryptocurrencies experience pressure: Bitcoin drops below $111K as large investors shift towards Ethereum
In this exclusive post, we delve into the recent launch of the WLFI token, a project associated with the Trump family's World Liberty Financial, and the current state of the Bitcoin market.
Justin Sun, a prominent investor, has invested around $891 million in WLFI. He holds a significant portion of the tokens and has vowed not to sell, playing a central role in the token's launch. However, the identities of the other external investors at the token launch remain undisclosed.
Moving on to the Bitcoin market, the digital currency is currently consolidating between $107.3K and $110.6K. If Bitcoin were to break down, there is a potential risk toward $104K. The daily timeframe suggests a short-term bearish trend for BTC, but the spot CVD for derivatives has shown a modest improvement, indicating waning sell pressure.
Whale flows have been active, with one whale selling 2K BTC (approximately $215 million) and buying 49K ETH. Another whale has shifted $1.1 billion worth of BTC and accumulated $2.5 billion worth of ETH.
The 25-day skew for derivatives has spiked to 10.2%, signaling defensive hedging. The RSI for derivatives has also fallen to 33.6, indicating an oversold condition. Firm resistance for BTC is at $111K, and support lies at $107.4K.
The launch of WLFI may have disruptive potential for near-term altcoin flows. This post is part of a subscription-based service, and the content is exclusive to our subscribers. To access this post and many more like it, we invite you to subscribe to our service.
We hope you found this insightful. As always, please remember that the information provided is for educational purposes only and should not be taken as financial advice.
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