recent price rally created much excitement in the crypto world. However, the subsequent plateauing of BTC around the $34,000 to $35,000 mark raised questions about who will dictate its price in the short term.
On the other hand, whales are spending at the highest level since June. This dynamic suggested that both short-term holders and whales are taking significant actions, possibly impacting BTC’s price levels. The direction in which they continue to move could shape Bitcoin’s near future.– Whales are "spending" at the highest level since June.Furthermore, Bitcoin options open interest relative to perpetual swaps recently reached an all-time high.
When IV increases, it signifies that market participants anticipate more significant price fluctuations. This heightened IV could lead to increased price turbulence, making Bitcoin a potentially riskier asset in the short term.The 25 Delta Skew, a metric measuring options market sentiment, has shown a slight decline over the past few days. This suggests that traders may be less inclined to make bullish bets on Bitcoin.