BItcoin Whales Went Big into Leveraged Longs at 29K (Patreon)

Bitcoin whales are betting big on Bitcoin's recovery.

According to data from CryptoQuant, large Bitcoin holders (whales) have opened up significant long positions on the cryptocurrency at around $29,000. This suggests that whales believe that Bitcoin is poised for a rebound after a recent sell-off.

The data also shows that whales are focusing on low-volume derivative exchanges to open up these long positions. This is likely because they want to avoid slippage, which is the difference between the expected price of a trade and the price that it is actually executed at.

Back during the big dip, one same whale, opened up a long position of over 100,000 Bitcoin at $16,819. They made out like a bandit.