Bitcoin Whale Activity Amid Geopolitical Tensions: Trading Strategies and Market Impact
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How To Trade Bitcoin During Geopolitical Tensions? Here's One Whale Trader's Approach
He based his strategy on a base case of a double bottom at $60,000-$61,000 which could be good long entries over the high timeframe. Whale crypto trader Eugene Ng Ah Sio outlined his approach on trading cryptocurrencies in times of global uncertainty, hinting at a contrarian strategy. What Happened: The trader said on X (formerly Twitter) he is selling when everyone is aggressively buying altcoins and starting to buy when people begin to lose faith that the market dip was just leveraged longs being flushed out. He advized to make full-sized dip buys when global conflicts escalate and everyone is de-risking due to the fear of war. "I may eat my words in the future, but I've seen this playbook often enough to have decent conviction on where prices go from here," the trader stated with regards to escalating tensions in the Middle East. Ng Ah Sio's strategy suggests a base case of a double bottom at $60,000-$61,000 for Bitcoin BTC/USD, indicating that dip buys might be slightly premature but will eventually result in decent swing long entries over the high timeframe. Also Read: Why Bitcoin's 'Uptober' Won't Be A Smooth Ride: It's The Election, Silly Why It Matters: Ng Ah Sio's tweet comes at a time when the crypto market is experiencing significant fluctuations due to global geopolitical tensions. He thinks the market is not positioned for a soft retaliation by Israel, implying that many are expecting a hard retaliation, which would create an opportunity for a dip buy. Ng Ah Sio concluded by his advice to "think probabilistically and never go full retard." Bitcoin has dipped from a local high of $65,000 after September's interest rate cut, currently trading at $61,300, down 2.6% over the past 24 hours. What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19. Read Next: What Does Technical Analysis Say About Bitcoin? Image: Shutterstock This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Market News and Data brought to you by Benzinga APIs
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Crypto Whale Dumped $46 Million BTC As Geopolitical Tensions Rise: What Is Going On?
One crypto trader cautions investors that the drop to $60,000 has opened up sell-side liquidity. On-chain analytics provider Spot On Chain highlighted a Bitcoin BTC/USD whale's activity as the apex crypto is trying to hold on to the $62,000 mark. What Happened: The platform reported that the Bitcoin whale deposited on a centralized exchange as the market dropped amid escalating geopolitical tensions The whale had reportedly accumulated a net 3,933 BTC (worth $234 million) from Binance between Aug. 29 and Sep. 15. The whale then moved 750 BTC, valued at $46.3 million, back to Binance at a rate of $61,751 per BTC, today before the Bitcoin price dropped by about 3%. The whale still holds 9,736 BTC, worth $601 million. The same wallet was observed in July when it dumped BTC worth $467 million in just 11 days. Also Read: How To Trade Bitcoin During Geopolitical Tensions? Here's One Whale Trader's Approach Why It Matters: With Bitcoin prices plunging to lows of $60,000, ByBit partner Justin Bennett cautioned investors to be careful with Bitcoin's relief rally. He pointed out that the failure at $64,700 has opened up sell-side liquidity and predicted that $57,000 remains open for business after the crypto king met tapped $60,000. Another trader expects "at least one more run on the lows." He suggests that if there is a drop further then he will add more Bitcoin long positions as he continues to remain strong on altcoins. What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19. Read Next: Why Bitcoin's 'Uptober' Won't Be A Smooth Ride: It's The Election, Silly Image: Shutterstock This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Market News and Data brought to you by Benzinga APIs
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As geopolitical tensions rise, Bitcoin whales are making significant moves. One trader outlines a contrarian strategy for trading during uncertain times, while another whale dumps $46 million worth of BTC.
Bitcoin Trading Strategies Amid Global Uncertainty
As geopolitical tensions escalate, particularly in the Middle East, Bitcoin traders are adapting their strategies to navigate the volatile market. Eugene Ng Ah Sio, a prominent whale crypto trader, has outlined a contrarian approach to trading cryptocurrencies during these uncertain times 1.
Ng Ah Sio's strategy involves selling when the market is aggressively buying altcoins and starting to buy when faith in the market begins to waver. He advises making full-sized dip buys when global conflicts intensify and investors are de-risking due to war fears. His base case for Bitcoin suggests a double bottom at $60,000-$61,000, indicating that while dip buys might be slightly early, they could result in favorable long-term entries 1.
Significant Whale Activity Observed
On-chain analytics provider Spot On Chain has reported notable activity from a Bitcoin whale as the cryptocurrency struggles to maintain the $62,000 level. The whale, who had previously accumulated 3,933 BTC (worth $234 million) from Binance between August 29 and September 15, recently moved 750 BTC (valued at $46.3 million) back to Binance at a rate of $61,751 per BTC 2.
This transfer occurred just before Bitcoin experienced a 3% price drop, highlighting the potential impact of large-scale transactions on market dynamics. The whale still holds a significant position of 9,736 BTC, worth approximately $601 million 2.
Market Reactions and Expert Opinions
Justin Bennett, a ByBit partner, has cautioned investors about Bitcoin's relief rally. He noted that the failure to maintain the $64,700 level has exposed sell-side liquidity, suggesting that the $57,000 mark remains a possibility after Bitcoin touched $60,000 2.
Another trader anticipates "at least one more run on the lows" and plans to add more Bitcoin long positions if there's a further drop, while maintaining a strong position on altcoins 2.
Bitcoin's Current State and Future Outlook
Bitcoin has experienced a significant dip from its local high of $65,000 following September's interest rate cut. As of the latest reports, it was trading at $61,300, down 2.6% over a 24-hour period 1. The cryptocurrency market's fluctuations are largely attributed to the ongoing global geopolitical tensions.
The influence of Bitcoin as an institutional asset class is set to be a key topic at Benzinga's upcoming Future of Digital Assets event on November 19, potentially providing further insights into the cryptocurrency's role in the broader financial landscape 12.
As the market continues to react to global events, traders and investors are closely watching whale activities and adapting their strategies accordingly. The contrasting approaches of different market participants highlight the complexity and unpredictability of cryptocurrency trading during times of geopolitical uncertainty.
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