Home
News
- Bitcoin whales and bigger players have continued to purchase the dip
- Third-largest Bitcoin whale has recently amassed more 207 coins at the price level near $62k
- Analysts and researchers deemed that such whale behaviour is common in bull markets
Bitcoin price has hit a new high earlier this month before facing several unstable months. After achieving a new high, analysts believed that the coin could continue its uptrend. However, since this weekend, it is observed that the leading cryptocurrency lost its support and plunged near $60k. It is worth noting as the price plunged whales in the market began to purchase the dip. Experts noted that BTC whales are widely acting the same as they did in 2017’s bull run. Indeed, the third largest BTC whale has recently accumulated more 207 Bitcoins when the price of the asset was near $62k. Following BTC price actions, researchers suggested that the asset took another breather.
Bitcoin whales are back in the ring
Bitcoin whales are continuing to purchase the dip as the price of the asset plunged from it’s all-time high to near $60k. Following the basic bull market behaviour, experts suggested that whales are back in the game. According to data published by on-chain monitoring resources, on Tuesday, the third-largest BTC whale addressed has increased its holding. Indeed, the wallet bought another 207 coins to amass its holdings.
It is interesting to watch whales buying the dip, despite the price of the leading digital currency falling by more than 8% over the past 24-hours. Indeed, although the coin designed by Satoshi Nakamoto saw a downtrend, it remains a solid buy for the bigger investors.
Whale increases its holdings by 635 BTC
The recent purchase made by the third largest Bitcoin whale took place when the asset was exchanging hands for $62,053. Following the price level it is noted that the purchase of 207 BTC was made for more than $12.8 million. Notably, with the latest purchase the one address is now hodling more than 193,433 BTC.
Following the latest transaction, journalist Colin Wu observed that as of now the third-largest Bitcoin whale has increased its total holdings by more than 635 coins in this month only. Furthermore, Colin Wu also observed that the address with the current holdings has an unrealized income of more than $4,632,109,617.
Such whale behaviour is common in bull market
According to a contributor from CryptoQuant, an on-chain analytics firm, such whale behaviour in a bullish market is common, as evidenced by blockchain data that covers previous cycle peaks. According to the contributor’s opinion, whales and bigger players in the market usually hedge their funds by transferring to derivatives exchanges and take short positions when they acquire a huge amount of coins on price bottoms.
Furthermore, analysts also deemed that the current pattern is obvious during the last bull run in 2017. At the time, all exchanges to derivative exchanges indicator spiked several times and the price experienced a jump after each spike. In the current scenario, the same metric has spiked four times, which indicates that whales are buying and hedging their coins continuously. Ultimately, the data summarized that Bitcoin would see long-term bullish price actions.
