Data Shows Whales Buying BTC When It Drops…Details Here
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Answer Data Shows Whales Buying BTC When It Drops…Details Here
Bitcoin has seen four double-digit corrections in the past few days, the largest of which was recently, with Bitcoin dropping 23.3% to its lowest levels.
Despite the carnage that took place in the past hours, the big whales buy bitcoin when it drops according to the data that we will review in the following.
Bitcoin whales buy dips:
BTC fell to $32,329 early Monday during Asian trading hours, as bitcoin continued its 23.3% decline from an all-time high of $42,000.
Bitcoin whales are the owners of wallets that contain more than 1,000 bitcoins, an estimated value of $35 million.
As these large portfolios continued to expand and increased by 4.02% since December 2, 2020, according to for results Independent researcher Elias Simos.
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According to the same data published by Elias, addresses smaller than 0.01 bitcoin (worth $350) have declined by 6.32% in the same period.
The comparison adds fuel to the narrative that institutions buy bitcoin at the expense of retail investors and individual traders.
In the earlier times of 2013 and 2017, Bitcoin peaks were achieved thanks to FOMO and the enthusiasm of individual traders.
As for the crypto market today, it is exactly the opposite, as the institutional demand for Bitcoin has increased, which did not exist before.
Bitcoin correction:
Earlier in 2013 and 2017, Bitcoin would have required some 20-30% corrections to reach its peak during the Bitcoin bull market.
In 2017, Bitcoin received four losses, most of them in double-digit percentages.
If the trend continues, the $32,000 Bitcoin low could be the bottom before more upside.
Lower tops and lower bottoms characterize a bullish market.
Thus, the previous low of $27,650 will act as an important level of support in case more negative aspects occur.
Bitcoin (BTC) is currently trading at $35,000 at the time of writing.
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