Top 69 BTC whales only bought about 7000 BTC despite over 30,745 BTC leaving exchanges on 3/11.
I also notice this big order (30745 BTC) splits into multiple smaller orders (98 BTC) subsequently, and "BTCUSDSHORTS" in Bitfinex exchange rising fast (The vertical black line represents that more than 10,000 BTC flowed out of the exchanges).
There are 3 possibilities: 1. OTC or it could be an internal transfer of exchanges (Neutral) 2. Actual market demand (Bull market: Supply squeeze) 3. Whale's trick that will cause wild swings in the market (Wash the market: Short-squeeze and Long-squeeze)
Please be aware of possible events: Short-squeeze and Long-squeeze, that is huge market volatility could be looming.
Addition, keep the eye on "Exchange Netflow" to monitor whether these small orders (98 BTC) returned to the exchanges quickly.
---------------------------------- Analyst of cryptocurrency Yu-Shiuan Chen (CQ & Tradingview Taiwan)