Bitcoin’s price fell dramatically this week, triggering the largest sell-off in history. WhaleBTC, a Twitter account with over 85,000 followers that specializes in cryptocurrency trading information and analysis, tweeted on Thursday that whales bought 40,000 Bitcoin during the dip.
The “whale accumulation bitcoin chart” is a graph that shows the total amount of bitcoins that have been accumulated by whales. The chart was created by CryptoWhales.
While many people may perceive the current crypto market downturn as a cause to avoid investing in any crypto assets, Bitcoin whales have taken advantage of the drop to purchase more than $2 billion worth of the flagship digital currency.
Despite the price drop, Bitcoin whales continue to acquire more BTC.
When the price of Bitcoin plummeted to roughly $56,000 in the previous week, data published by Santiment indicated that Bitcoin wallet addresses holding between 100 and 10,000 units of Bitcoin, often referred to as Whales, collected almost 40,000 units of Bitcoin. According to the current price of the commodity, this equates to nearly $2.2 billion spent on acquiring new digital gold units.
After acquiring a total of 40k additional $BTC on last week’s decline, #Bitcoin’s main active whale addresses that hold between 100 and 10k $BTC are happy. In our most recent weekly report, we discuss this, as well as the increasing #bearish feeling (and why it’s a good thing). https://t.co/MXYmgbf2ri pic.twitter.com/RaVqICOBfY
November 23, 2021 — Santiment (@santimentfeed)
Santiment disclosed in another investigation that Bitcoin whales have been transferring their BTC holdings away from cryptocurrency exchanges. This behavior, according to market analysts, is a favorable sign for the sector since it indicates that investors prefer to hold their assets rather than sell them in the near term.
Typically, this results in a significant reduction in the selling pressure on the asset, resulting in a decrease in the sell-off.
BTC’s current attitude, according to the crypto analytics site, is pessimistic. Typically, the analytics service uses a social sentiment tracker to assess if investors are optimistic or bearish on a crypto-asset by analyzing social comments on such digital assets. As a result, based on current BTC sentiments, investors are at their most negative point in the previous two months.
We recently revealed that Morgan Stanley, a renowned US investment firm, expanded its exposure to Bitcoin despite the asset’s decreasing value. The third-largest Bitcoin whales address, according to blockchain data, is one of the whales that profited from the price drop, having bought almost 6000 BTCs in the previous week.
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The “bitcoin futures backwardation” is a phenomenon that occurs when the price of Bitcoin decreases, but the cost of buying it remains unchanged. When this happens, investors are willing to pay more for Bitcoin than they would if the price was higher.
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