Bitcoin (BTC) held steady at the June 7 Wall Street open after a night of losses cost bulls heavily.
Coinbase sees conspicuous outflows
After underperforming versus United States equities on June 6, the pair nonetheless managed to avoid falling further in step with stocks. At the time of writing, the S&P 500 was down 0.6% from the open, with the Nasdaq Composite Index 0.5% lower.
Analyzing order book data, on-chain analytics resource Material Indicators noted that a wall of bids from a whale “spoofing” the market in recent days had finally dissipated. Earlier, that entity had posted a support line at $29,000.
“Looks like the whale we've been watching spoof for over a week finally unloaded some BTC,” it revealed, alongside a chart of the Binance order book.
“The $60M in bids we saw pop up just above $29K was broken into smaller blocks, moved into the active trading range and appears to have been filled.”
Another intriguing event related to buying came from Coinbase Pro, the professional trading offshoot of major U.S. exchange Coinbase, which saw what appeared to be tens of thousands of BTC in outflows over the past 24 hours.
While potentially an internal transaction, an institutional client could now be in possession of around $30,000 BTC, according to data from the on-chain analytics platform Coinglass.
Coinbase’s BTC balance thus returned to its lowest levels since May 16.
Bitcoin dominance hits 8-month highs
Amid a relative lack of volatility, attention focused on Bitcoin dominance over struggling altcoins.
#BTC Dominance is breaking out from a macro Wedge— Rekt Capital (@rektcapital) June 7, 2022
Best case scenario for Altcoins (blue path):
• Small relief -> strong decline -> future strong relief
Worst case scenario for Altcoins (orange path):
• Strong valuation decline -> small relief -> more downside$BTC #Bitcoin pic.twitter.com/dK5MjfqSSk
That dominance stood at 46.3% of the overall crypto market cap on June 7, Bitcoin’s highest since October 2021.
“Once we break out of the range high, that is when we will see capitulation begin on Altcoins and i will be looking to deploy capital on signs of a bottoming formation and accumulation,” trading account Crypto Tony told Twitter followers.
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