Whales started accumulating BTC, turning the drop below $ 60,000 into an opportunity. According to data from IntoTheBlock, for over a year bitcoin The number of holding addresses has reached an all-time high.
Bitcoin price dropped below $57,000 on Nov. 18, and the accumulation of over-the-counter whales peaked. The third largest over-the-counter whale collected 3038 Bitcoins in four transactions worth $180 billion. Chinese crypto journalist Colin Wu reported this development in a tweet he shared:
“According to BitInfoCharts, Bitcoin’s third-largest over-the-counter whale address (1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ) has bought a total of 3038 BTC for four consecutive days since the 16th, with an average price of about $59744.22.”
According to BitInfoCharts, Bitcoin’s third largest non-exchange whale address (1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ) has bought a total of 3038 BTC in batches for four consecutive days since the 16th, with an average price of approximately $59744.22. pic.twitter.com/GH1X05BI1W
— Wu Blockchain (@WuBlockchain) November 19, 2021
Historically, Bitcoin whale transactions have affected BTC prices. The recent accumulation of BTC whales has caused investors to expect Bitcoin to rise.
Traders who have held Bitcoin for over a year also bought BTC at an average cost of $17,750. This means that the owners have a huge advantage.
In addition, Bitcoin funding rates are also declining. Funding rates are currently lower than seen in the first quarter of 2021. There are supporters who see declining funding rates as a sign of falling leverage.
Delphi Digital, a research firm, recently published a report on crypto. The report claimed:
“The initial sale was driven largely by a wave of liquidation rather than a fundamental shift in narrative.”
Also, despite the asset’s price dropping below $57,000, some analysts argue that it is now an “attractive entry” for traders. Evaluating the recent BTC price trend, analysts expect a bounce in Bitcoin. a popular cryptocurrency @_Checkmatey_, a currency analyst, is optimistic about BTC.
“A Bitcoin jump is expected, at least right now. STH-SOPR has dropped below 1 which means buyers are selling their BTC at a real loss. The surrender of these buyers indicates that a local bottom has historically formed.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.