Large bitcoin holders seem to believe this is far from the end of the 2021 bull cycle. Data reveals that whales have seized the opportunity to buy $ 3.5 billion, or 67,000 BTC, so that the cryptocurrency plunged towards $ 42,000.
- As CryptoPotato reported on December 5, the price of bitcoin had fallen to $ 42,000 (on Bitstamp) – its lowest point since late September, for a cumulative crash of over $ 16,000 in one day.
- Huobi – one of the leading cryptocurrency exchanges with a particular focus on the Chinese market – suffered a lightning crash where the price of BTC instantly fell to $ 28.8,000.
- All of this resulted in billions of dollars in long positions being liquidated, causing nothing but chaos within the community.
- Bitcoin whales, however, appear to have played this price move “to perfection,” according to data from Santiment.
- The company, specializing in on-chain and social metrics of more than 2,000 cryptocurrencies, revealed that addresses holding between 100 and 10,000 BTC bought 67,000 bitcoins, starting during the dump at $ 43.5,000. It’s worth around $ 3.44 billion at current prices.
Bitcoin fell back to $ 50.1,000 on Monday, and whale traders played the plunge to perfection. Starting during the dump at $ 43.5,000, addresses holding 100-10,000 BTC racked up an additional 67,000 BTC after emptying the same amount before the price drop.
- Meanwhile, earlier today, we reported that the third largest BTC whale also took advantage of the drop and bought over 2,700 coins per day at around $ 50,000.
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