The closure of all long positions by Machi Big Brother, one of the most influential whales in the market, has sparked considerable interest and concern. The crypto market shows signs of overheating, which undermines investor confidence.
Closure of Long Positions and Profit
Machi Big Brother, a significant whale in the market, has closed all his long positions, securing profits exceeding $33.8 million. This action occurred amid growing tension in the markets as the charts for Bitcoin and Ethereum indicate possible overheating.
Reasons Why Whales are Exiting
The notably low volume on breakout attempts indicates a lack of buying pressure. Bitcoin is gradually moving within a narrow range, and if momentum falters, this could lead to sharp price movements. While Ethereum continues to rise, there are signs that momentum may be slowing, explaining the actions of whales like Machi.
Key Bearish Factors
Technical indicators show that the markets are overbought: both Bitcoin and Ethereum are significantly above important moving averages. It is known that major players often close their positions at local highs, which precedes sharp market pullbacks. The current actions of whales may indicate liquidity redistribution before a potential market turn.
The exit of whales and low trading volume present serious challenges for the market. The primary focus now is whether retail demand can compensate for the whale exits and sustain current prices.
