Bitfinex Whale Activity Increases As Bitcoin Approaches $100k—Further Surge Ahead?
February 21 2025 - 9:00PM
NEWSBTC
Following a lackluster performance in recent weeks, Bitcoin appears
to be seeing a steady recovery with its price now approaching the
$100,000 price mark. Particularly, so far, BTC has managed to
regain some of the losses shedded in recent weeks with its price
now hovering above $98,000, marking a 2.6% increase in the past 7
days. Alongside this price movement, new data have emerged
highlighting significant activity among large holders on exchanges,
suggesting a shift in market dynamics. Related Reading: Bitcoin
Open Interest Climbs—Is a Market Breakout Around the Corner?
Bitfinex Whales Show Increased Activity A CryptoQuant analyst known
as Mignolet has recently shared a detailed outlook on exchange
whales and their influence on the current price action in Bitcoin.
Mignolet’s observations focus on leverage ratios across major
trading platforms. According to his analysis, the “all exchange
leverage ratio” is at an all-time high. This measure, which
captures the amount of leverage being used on exchanges, reflects
heightened activity that could precede significant price moves.
Interestingly, while Binance has seen its leverage ratio drop back
to levels last seen during last year’s consolidation phase,
Bitfinex tells a different story. On Bitfinex, leverage ratios have
surged sharply, aligning with a rise in open interest. Mignolet
highlights that this activity points to a sudden increase in whale
movements within the ongoing consolidation range. While these
leverage ratios alone don’t guarantee a specific price direction,
the sharp uptick on Bitfinex suggests a shift in market dynamics
that bears watching. According to the CryptoQuant analyst, the
question now is: What are these whales aiming for? Mignolet’s
analysis stops short of providing a definitive answer, but it
raises the possibility of a major price shift soon. With Bitcoin’s
price holding steady above $98,000, the actions of these
large-scale traders could influence whether the market breaks
higher or retreats back into a more extended consolidation phase.
Bitcoin Encounters Potential Strong Support Zone Meanwhile, Bitcoin
has continued to inch closer to the six-digit price mark which it
recently fell below in the previous week. Although the asset is
still roughly an 8.7% decrease away from its all-time high (ATH)
above $109,000 established in January, it has managed to see an
uptick in price in the past few days. At the time of writing,
Bitcoin trades at $98,091 marking a 1.2% increase in price over the
past day. According to data from IntoTheBlock, the asset appears to
be seeing a formation of a “massive demand zone just below the
current price.” IntoTheBlock highlighted that should the market
face further downward pressure around this area, the zone may act
as strong support. A massive demand zone has formed just below the
current price👇 On-chain data indicates that 2.76 million addresses
acquired a total of 2.1 million $BTC at an average price of 97.1k,
highlighting significant buying interest at this level. If the
market faces further downward… pic.twitter.com/ANm1kkXMtE —
IntoTheBlock (@intotheblock) February 21, 2025 Featured image
created with DALL-E, Chart from TradingView
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