Bitcoin whales “pump” more than 3 billion USD to buy more BTC before fear engulfs the market

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2021-11-30 02:29:06

It seems that Bitcoin whales are not concerned with the current price drop of the market leading cryptocurrency as they have pumped over $3 billion to continue accumulating BTC over the past seven days.

Bitcoin whales “pump” more than 3 billion USD to buy more BTC before fear engulfs the entire market

It seemed that all momentum was established for Bitcoin to break through the important resistance level of $60,000, but before the news of the new COVID-19 strain, BTC completely failed and collapsed below 55,000. USD soon after. At press time, Bitcoin is trading at $54,534.

BTC/USDT price chart.  Source: Binance
BTC/USDT price chart. Source: Binance

While many individual investors have begun to leave the market after Bitcoin’s many nasty corrections throughout the past year, Bitcoin whales have taken advantage of this “rare” drop to buy BTC. in “huge” quantities.

According to data shared by Santiment, it was revealed that Bitcoin wallet addresses holding between 100 and 10,000 BTC, accumulated 59,000 Bitcoins when the Bitcoin price dropped to around $55,000. Judging by Bitcoin’s current swings, that equates to about $3.2 billion (0.29% of supply) spent on bottom-fishing. At the same time on the morning of November 27, El Salvador made the move to add 100 BTC.

Bitcoin whales have moved their BTC holdings away from popular cryptocurrency exchanges. According to market experts, this move is a positive sign for the industry as large investors are looking to hoard their assets instead of selling them in the short term.

It should also be noted that the current overall sentiment towards Bitcoin is bearish. The indicator usually determines whether investors are negative or optimistic about a crypto asset. So, based on the current sentiment around BTC, investors are at their most fearful of the past two months.

Cryptocurrency Market Greed and Fear Index.  Source: Alternative
Cryptocurrency Market Greed and Fear Index. Source: Alternative

However, from a more macro perspective, large financial institutions show a very different face. Leading US investment bank, Morgan Stanley, has increased its exposure to Bitcoin, holding over $300 million in GBTC shares despite the asset’s falling value. Blockchain data also shows that the world’s third largest Bitcoin whale address purchased over 3,677 BTC since November 13 and has continued to accumulate 4,084 BTC over the past week.

Trading of the world's third largest Bitcoin whale wallet.  Source: Bitinfocharts
Trading of the world’s third largest Bitcoin whale wallet. Source: Bitinfocharts

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