Bitcoin price surpasses $35k again despite whale activity drop

Bitcoin (BTC) whale activity has dropped while the asset’s price surged to $35,000, with short positions still dominating.

According to data from the market intelligence platform Santiment, whale transactions of at least $100,000 worth of BTC declined by 7.8% over the past 24 hours — dropping from 5,506 transactions to 5,077.

BTC price, Binance funding rate, open interest and whale activity – Nov. 8 | Source: Santiment

The decline comes as the top 13 Bitcoin miners sold 5,492 coins — more than the number of BTCs mined in October, per a report on Nov. 7. The selloff came as the asset’s price noticed significant gains over the past three weeks.

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Moreover, according to Santiment, Bitcoin’s total open interest on all exchanges slightly declined from around $7.3 billion to $7.2 billion over the past day.

While the Binance funding rate for BTC stands at 0.01%, suggesting the domination of short position holders until further price movements, the exact amounts of short and long positions are still not clear, per data provided by Santiment.

Bitcoin is up by 0.95% in the past 24 hours and is trading at around $35,300 at the time of writing. It’s important to note that the BTC price witnessed a daily local low and high of $34,545 and $35,505, respectively.

Furthermore, Bitcoin’s market cap is over $689 billion, with a 51.8% market dominance. The asset’s 24-hour trading volume rose by 42%, reaching $18.7 billion.

On the other hand, data provided by Santiment shows that the BTC price-daily active addresses (DAA) divergence declined to negative 25.89%. The market intelligence platform suggests that a price DAA divergence below zero could indicate a “sell” signal, as the market might be driven by big whales.

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