BITStar2
11/30 04:11
Demand, especially from whales, remains steady No
Demand, especially from whales, remains steady
Notably, after HYPE rebounded from a $29k drop in Big Whale Orders, whales increased their accumulation rate. According to CryptoQuant, Spot Average Order Size data showed large whale orders for seven consecutive days.
Whale orders being dominant in the spot market suggests increased whale activity either on the sell or buy side.
In this case, it seems whales have been accumulating over the past three days. Looking at the altcoin’s spot Netflow, this metric has remained negative for three consecutive days.
At press time, Spot Netflow was at a monthly low of -$7.87 million, indicating increased exchange outflows.
Usually, increased outflows indicate more buyers are active in the market, helping them absorb any rising selling pressure.
Historically, such market conditions have accelerated upward strength, often a prelude to higher prices.
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