Whales bought 40,000 Bitcoin during the dip this week | CryptoSlate


While many individuals might see the recent crypto market correction as a reason not to invest in any of the crypto assets, Bitcoin whales have taken advantage of the dip to buy over $2 billion worth of the flagship digital asset.

Bitcoin whales buy more BTC despite the dip

Data shared by Santiment recently revealed that Bitcoin wallet addresses holding between 100 to 10,000 units of Bitcoin, popularly referred to as Whales, accumulated over 40,000 units of Bitcoin when the price of the asset dropped to around $56,000 in the past week. Judging by the current price of the asset, this roughly translates to around $2.2 billion spent on purchasing new units of the digital gold.

How To Get Free Crypto  

In another report, Santiment revealed that Bitcoin whales have been moving their BTC holdings away from crypto exchanges. According to market experts, this action is a positive indication for the industry as it means that investors are looking to hodl their asset as opposed to selling it in the short term.

Most times, this usually leads to a drastic decline in the selling pressure on the asset thereby leading to a drop in the sell-off.

The crypto analytics site also noted that the current sentiment about BTC is bearish. The analytics site usually determines whether investors are bearish or bullish about a crypto-asset using a social sentiment tracker that analyzes the social commentary on those digital assets. So, judging by the current sentiments around BTC, investors are at their most bearish level in the last two months.

Just yesterday, we reported that a leading US investment bank, Morgan Stanley, increased its exposure to Bitcoin despite the declining value of the asset. Blockchain data also shows that the third-largest Bitcoin whales address is one of the whales that capitalized on this price crash as it acquired over 6000 BTCs within the last week.

Coinbase Banner  

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.

Go to Source
Author: Oluwapelumi Adejumo

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.