Leading cryptocurrency Bitcoin (BTC) Despite the sharp decline it has experienced, Bitcoin whales seem intent on not staying idle.
The third largest Bitcoin whale has bought close to 1,000 Bitcoins in the recent drop and it looks like it will do more.
When the price fell from $ 59,000 to $ 54,000, it was seen that this whale was constantly buying BTC while everyone was in panic.
Bitcoin Whales Didn’t Stay Idle
Cryptocurrency whales are particularly good at buying and holding them long-term, especially during downturns.
In the previous declines, thousands of BTC purchases made when everyone was panicking actually showed how good a decision this was.
Now, it is discussed how long the accumulation will continue. Looking at the wallet of the said Bitcoin whale, it is seen that it contains 114,999 BTC. It is also seen that the wallet has made purchases for the 11th time this month.
There is also the possibility that this wallet is the cold wallet of an exchange like Robinhood. Despite this, the whale’s 11th purchase in a month greatly reduces the probability of it being an exchange wallet. Another point that does not go unnoticed is that the wallet made 3 purchases in the process from $ 67,000 to $ 54,000 and continuously decreased the average.
If Bitcoin loses this support and falls below the $50,000 level, it may cause some of the whales to sell. BTC is currently trading at $57,000, and the whale’s purchase of $54,000 seems to have made a profit.
*Not Investment Advice.