Joseph Young: Bitcoin rally above $9,000 were stopped by profit-seeking whales
Referring to the option trader Theta Seek, Young said that several OTC-platforms recorded record sales volumes after digital gold reached a mark over US$9,000.
"Spoke to a couple of OTC desks and heard that there were record amounts of BTC being sold at above 9K,"" said Theta Seek.
A sharp increase in the number of bids for sale was also observed on the futures exchange OKEx. The latter, along with Huobi, managed to obtain permission from the Chinese government to open platforms for Chinese investors.
According to Skew, OKEx is currently the largest cryptoderivative exchange by volume of open interest. Therefore, seller pressure on this exchange could have a serious short-term impact on the bitcoin price.
Also, according to Young's observations, significant growth in trading volumes was observed on the largest spot exchanges - Binance and Coinbase. Consequently, a significant activity in the last 3 days was shown not only by the whales on OTC-platforms, but also by many other players.