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Data shows whales buy BTC when it is low


The data shows that whales are buying BTC when it is declining ... Details here

Bitcoin has seen four double-digit corrections in the past few days, the largest of which occurred recently, as Bitcoin fell 23.3% to its lowest level.

Despite the carnage that occurred in the past hours, the big whales buy bitcoin when it is declining, according to the data that we will present in the following.

Data shows whales buy BTC when it is low

Bitcoin whales buy dips:

The price of the BTC bitcoin fell to $ 32,329 early Monday during the Asian trading hours, as bitcoin continued to drop 23.3% from its all-time high of $ 42,000.

Bitcoin whales refer to the owners of wallets containing more than 1,000 Bitcoins, i.e. an estimated value of $ 35 million.

These large portfolios continued to expand and increased by 4.02% since December 2, 2020, according to the results of independent researcher "Elias Simus".

According to the same data published by Elias, addresses smaller than 0.01 Bitcoin (worth $ 350) decreased 6.32% in the same period.

The comparison adds fuel to the narrative that institutions buy bitcoin at the expense of retail investors and retail traders.

In earlier times of 2013 and 2017 bitcoin peaks were 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 was reaching its peak requiring some corrections ranging between 20-30% during the bullish Bitcoin market.

In 2017, Bitcoin suffered four losses, most of them in double-digit percentages.

If the trend continues, Bitcoin's $ 32K low may be the bottom before further upside.

Lower highs and lower lows characterize a bull market.

Hence, the previous drop of $ 27,650 will act as an important level of support in the event of more downsides.

Bitcoin BTC is currently trading at $ 35,000 at the time of writing this article.