$200M Bitcoin hits exchanges in 24 hours – But a $903M whale buy absorbs the pressure

Overall, Bitcoin's whale picture is a bit of a mixed bag. Two whales have moved $200 million worth of BTC onto exchanges over the last 24 hours, which could indicate increasing selling pressure. However, the broader market setup suggests this may be more than isolated positioning. Ian Weisberger, CEO of CoinRoutes, highlighted a volatile macro window, with a Fed rate decision, major tech earnings, $12 billion in Bitcoin options expiring Friday, and the US midterm elections approaching. In my opinion, investors are looking at risk-adjusted returns, and BTC is being considered too high-risk for its return profile, while some altcoins like Hyperliquid and ZEC have performed well over the past few months. Hyperliquid also stands to benefit from volume on RWAs that benefit from the AI boom.

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