Bitcoin's Crypto Dominance Is Strongest Since Bull Market Highs

Even with its recent outperformance, Bitcoin still faces a host of challenges, including monetary tightening by central banks around the world. And while May 27’s decline was small compared to other digital coins, it came against the backdrop of global equities advancing.

In the past few months, Bitcoin has tended to move in tandem with stocks.

In addition, large Bitcoin holders — known in industry parlance as whales — are moving their tokens to exchanges, suggesting they may be getting ready to sell, according to Moreno.

The share of exchange inflows from whales to total inflows is at the highest since August 2019, he said.

“In the past, when whales were moving their coins to exchanges at this pace a price correction happened, and in the current macro context this cannot be ruled out,” he said.

(Image: Shutterstock)