Bitcoin Taker Buy/Sell Ratio Surges On Major Exchanges — Who Is Buying?
this Bitcoin price After a full week of strong bullish moves, Bitcoin price has cooled off a bit and is on its way to reaching the coveted $100,000 mark. However, investors appear undeterred by the lackluster price action of the major cryptocurrency over the past few days.
Bitcoin Taker Buy/Sell Ratio Is Rising – Impact on Price
Ali Martinez, a well-known cryptocurrency analyst, in an article published on the X platform on November 23 shared In recent days, traders have started loading their bags with Bitcoin. This on-chain observation is based on the Taker Buy/Sell Ratio, which tracks the taker buy and taker sell volume of a specific cryptocurrency.
A taker buy/sell ratio value greater than 1 indicates that takers buy more than takers sell. This is generally considered a bullish sign, indicating that investors are willing to pay a higher price for a specific cryptocurrency, in this case, Bitcoin.
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On the contrary, when the value of this indicator is less than 1, it means that more sellers are willing to sell their assets at a lower price. Typically, this indicates bearish sentiment among investors as selling pressure overwhelms buying pressure in a particular market.
Martinez emphasized in X’s post that Bitcoin Taker Buy/Sell Ratio Major trading platforms such as Binance, OKX, HTX, Bybit, etc. have all seen significant gains in the past day. As shown in the chart below, the value of this indicator surged above 28 for Binance, the world’s largest exchange.
Likewise, the buy/sell ratio among Bitcoin takers climbed well above the 1 threshold, indicating increasing buying pressure in the open market. This intense buying activity may ensure that the major cryptocurrency continues its rise towards the $100,000 milestone.
As of this writing, the price of BTC is around $97,800, down 1.1% in the past 24 hours. despite this, Performance of Flagship Cryptocurrencies The weekly time frame is still impressive. According to CoinGecko data, BTC has gained nearly 8% in the past week.
Who is buying?
In another post on the X platform, Martinez disclose A group of well-known large-scale investors, also known as whales, have been active in the Bitcoin market over the past few days. The type of whales involved here are those holding between 100 and 1,000 coins.
According to Santiment data, whales purchased more than 40,000 BTC (approximately $3.96 billion) in the past four days. Considering their impact on market dynamics, buying activity by Bitcoin whales can be positive for the price.
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Featured image from iStock, chart from TradingView
