The price of Bitcoin broke the peak of $25200 set in February 2023 after US inflation data were in line with market forecasts. In March of this year, the potential harm of the global banking management system further promoted bitcoin investment into an unrelated global hedging tool, similar to gold. The correlation coefficient between gold and silver bitcoin (BTC) has been rising since the beginning of this month.

However, the organization has become a net Taobao seller of Bitcoin in 2023, causing some early warning signs. Bitcoin whales-which hold between 10 and 10000 Bitcoin wallets-did not participate in the current rebound. It seems that investor investors are an important energy to promote this upward trend. The divergence between whale investment and investor investment may cause the price of bitcoin to adjust in the short term.

Analysts say institutions are BTC merchants who have no choice.

Equity investment funds have seen their most influential two-week sales since March 6, according to encrypted asset liquidity data from CoinShares. Capital outflows have come to the counter-injection this year, with net inflows of less than $0.177 billion so far this year.

CoinShares's data tracking consists of digital currency open-end global organization fund investments, including GrayScale, CoinShares XBT, 21Shares, Purpose and 3iQ.

James Butterfield, head of scientific research at CoinShares, pointed out in the paper that this kind of capital operation "may be driven in part by the liquidity requirements of commercial banks during this round of difficulties, and a similar situation occurred when CoVID worried about the first impact on the sales market in March 2020."

Butterfield's theory that organizations are forced to sell may have some credibility, because the chain analysis company Santiment told Cointelegraph that there is no large-scale whale sale yet. The detailed Bitcoin addresses that hold 10-10000 bitcoins are basically the same.

Exhilarating means that whales do not want to sell the current increase. But as prices continue to rise, the money will require whale customers to add to the fashion trend-otherwise, the increase is likely to dissipate soon.

In addition, the recent dollar coin (USDC) peg and regulatory authorities on the Binance dollar (BU.S.) The impact may have caused a group of young whales to escape from the stable. "the stable price is 100000 to 10 million yuan," the Santiment report said. "the intermediate address has been decreasing slightly, but the reduction is not very large."

Relatively stable capital inflows into Bitcoin and other digital currencies are good for the market. However, the large-scale exchange from stable currency to US dollar reduces the market spending power. The lack of growth in whale BTC holdings suggests that more money means the latter.

Another important player in the development of Bitcoin economy is Bitcoin miners. Since the beginning of 2023, BTC's holdings of detailed locations in one-hop mining-BTC accounts that accept coins from mining software-have been rising steadily.

On March 14, when the bitcoin price first broke 25000 yuan, some miners made some profits; a week later, the bitcoin price touched $28000 and made a profit again. However, since the beginning of 2023, total holdings are still on a growing trend.

Investors in the spot exchange have pushed up prices.

So far, the spot transactions of investors are likely to contribute to this round of gains. Will Clemente, founder of Refleitivity Research and a separate investment analyst on the chain, posted on Twitter that the upward trend "usually seems to be driven by spot trading", with low open position volumes in Bitcoin index futures contracts and financing rates for permanent contracts.

The total number of Bitcoin detailed addresses with less than 10 Bitcoin detailed addresses has soared again to an all-time high. The distribution of Bitcoin among shareholders has strengthened the credibility of the "arguments against the dense supply of Bitcoin" by a handful of large holders.

However, investor investors have a poor record in grasping market entry and withdrawal opportunities. As a result, it is particularly important for whale investors to participate in their confidence in the current gains.

From a technical point of view, Bitcoin / USD mainly performs strongly under the daily time frame, actively promotes and collates horizontally on the evolving contract layout. At this stage, customers are facing friction at the penetration level between $28000 and $30000 in June 2022.

On the other hand, Chicago Mercantile Exchange futures data increased the probability of adjustment, with two unfilled gaps of $26500 and $19500 respectively. The price ratio in the CME futures trading data chart is formed on holidays and Sundays in the United States, when bitcoin in the exchange's spot market creates the difference between CME's closing price and opening price.

Generally speaking, the vacancy of the Chicago Mercantile Exchange is filled by the price behavior of the closing price of the Chicago Mercantile Exchange, in order to review the increase of futures. Outstanding trader John Brandt proposes to create short positions in BTC based on vacancies.

A more mature investor is likely to wait for the Federal Reserve's (Federal Reserve meeting, FED) policy meeting on March 22nd and then create his swing trading position. The Fed's policy rate statement is likely to become a strong sales market leader, causing significant fluctuations in the sales market.