Quick overview

Live BTC/USD Chart

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The pioneer crypto asset fell to $103,000 when writing on Saturday after being repeatedly rejected at the crucial $105,000 resistance level during the week.

Traders exercise caution as this could cause volatility in the cryptocurrency market.  Whales have aggressively reduced their holdings by selling over 30,000 BTC in the last 3 days.

Additionally, FTX plans to start its next round of creditor settlements in May. The business disclosed that eligible creditors will begin receiving distributions totaling more than $5 billion on May 30. These creditors’ funds transferred to the exchanges would cause a sell-off in the cryptocurrency market.

At the same time, according to IntoTheBlock, Large Holders Netflow plummeted, falling 176.22 percent over seven days and 71.25 percent over 30 days. Instead of accumulation, this data shows a distribution pattern. As a result, whales don’t seem to believe in the immediate future.

Their frequent market withdrawals indicate that caution is beginning to set in. The markets for bitcoin derivatives are more active but less confident. While options volume increased by 45%, futures volume increased by 36%.

Options open interest decreased by 5%, and futures open interest increased by 1%. It draws attention to speculative trading that lacks a solid long position. Despite active participation, traders continue to exercise caution.

The deep leverage commitment observed during significant rallies is absent from the current momentum. The purchasing power of stablecoin is increasing. Increased reserves were indicated by the Exchange Stablecoin Ratio, which increased 4.49 percent to 0.00005. This implies that investors are likely waiting for better offers.