Whales accumulate 122.5K BTC while crypto market is a bloodbath
Last week, the market experienced a collapse and the whole market suffered except for some big holders who bought the dip and added 122.5K BTC to their portfolios.
Some BTC whales bought the dip when BTC saw a correction in its price last time which may be indicative of the termination of a coordinated sell-off.
These whales (= the ones holding between 10K to 100K BTC) have bought 122.588 BTC when the market was on its knees on Wednesday says Anthony Pompliano from Morgan Creek Digital using Glassnode data. The US-based exchange Coinbase was one of the hottest spots in terms of foot traffic where such huge trades were conducted.
Among the dip buyers are the London-based ByteTree Asset Management and MVPQ Capital as well as Three Arrows Capital in Singapore. According to Kyle Davies, the co-founder of the Three Arrows Capital:
“People that were borrowing money to invest, they were wiped from the system [...] Every time we see massive liquidation is a chance to buy. I wouldn’t be surprised if Bitcoin and Ethereum retrace the entire drop in a week.”
Reports say that one leading whale, at least who had previously sold BTC at $58K, has done something even better than accumulating. This person or entity sold 3,000 BTC on May 9 but on three different days on May 15, 18, and 19, purchased 3,521 BTC. Therefore, this whale in fact not only didn’t sell but even added more to their previous holdings.
Bitcoin fans and traders spent a really stressful week from Sunday to Wednesday. BTC dropped below 32K on Sunday and even worse, BTC price fell below 30K shortly on Wednesday. Falling below 30K was such an unlikely event although the price recovered back quickly to $37K, it couldn’t break the overhead resistance of $42K. And that’s worrisome for hodlers and the traders whose BTC or altcoins are at loss.
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