Loss of one can turn to be profit for others and this adage fits perfectly on Bitcoin whales that are probably making hay while the sun is shining. Bitcoin Whale activities have suddenly peaked to a four months high. As an unprecedented crypto- winter has hit the crypto sector and Bitcoin (BTC) values have tanked to rock bottom, it is time for the whales to make their kill.
The activities of the Bitcoin Whales were revealed by the cryptocurrency analytics firm ‘IntoTheBlock,’ which employs the metric known as massive Holders flow to trace the funds. The firm found massive buying spree by the whales and it is the biggest seen since February 2021. A gargantuan 116,000 bitcoin worth $2.5 billion has been purchased in a single day.
Bitcoin Whales Buying The Weakness
Historically whales tend to buy when a particular crypto asset scrapes the bottom in a correction phase and the activities of whales are an indication that the worst for BTC are over. Whales have sizeable on ground intelligence and surely would have kept a hawk eye on the BTC crash. The most recent price correction for Bitcoin has been particularly brutal and saw the capitalization of the crypto area drop below $1 trillion.
The Bitcoin values are fluctuating and testing the $20,000 mark and at the time of writing was trading at $19,243.86 before tanking to $17,601.58 in the last 24 hours. The $20,000 support mark is very crucial as it’s a psychological support area which is closest to highest of the 2017 Bull Run.
There is an age old saying which goes like this – whales “sell into strength and invest weakness,”. A view of data from Glassnode reveals that amount of addresses with a balance above 10,000 BTC has shown a steep increase as the prices of BTC falls.