Bitcoin’s volatility slowed significantly in both directions. This established $63,000 as support and $65,000 as key resistance.
With Bitcoin [BTC] trading inside this narrow range, some investors positioned for a deeper breakdown.
Why are Bitcoin whales betting lower?
CryptoQuant’s Futures Average Order Size showed whale-sized orders returning after more than a month.
The metric confirmed that larger traders had returned to the Futures market. However, it did not reveal their directional positions.
On top of that, the Derivatives Taker Buy/Sell Ratio remained above 1 for two consecutive days. This meant taker-buy volume exceeded taker-sell volume during that period.
Therefore, the broader derivatives data did not support claims that most traders were shorting Bitcoin.
However, two individual whales had placed substantial bearish bets.
Lookonchain reported that one trader continued expanding his short position. The position reached 2,136 BTC, worth $136 million. Lookonchain described the trader as the largest on-chain Bitcoin bear.
Meanwhile, another whale had lost around $978,000 after reducing his position three times this week, according to Eyeonchain.
