Bitcoin Whales Quietly At It Again As Investors Wait For Bottom
The current mayhem in the crypto sector has left the majority of the Bitcoin traders shell shocked and expecting the Number one crypto asset to hit the bottom. However there are Crypto Whales who are quietly purchasing the BTC tokens at highly discounted rates and in hefty quantities.
Small Investors Vs Whales
On chain data reveals that most of the smaller players are doing the waiting game and expect BTC values to crumble further. In fact a large chunk of investors are waiting for the bottoming of BTC and they have not left the Crypto market.
More than $25 Billion worth of stable coins are waiting to be taken in crypto exchanges. In other words the sellers are waiting for the right opportunity as the volatility of the crypto market continues to play havoc.
In contrast the bigger Bitcoin Whales are aggressively devouring BTC which are available at discounted prices and they want to take advantage of the opportunity. The activities of the crypto whales have been revealed by a crypto enthusiast named Doctor Profit took to Twitter to reveal the activities of the whales. The whales are believed to hold a staggering 45.6% of the total Bitcoin supply.
He tweeted,“Whales with 1000 Bitcoin or more are adding to their balance aggressively, acquiring 140k BTC per month directly from exchanges. Whales now own 8.69M $BTC (45.6% of total supply). It is buy cycle for whales and big IQ, and sell season for low IQs.”
Bitcoin Price Progress Disappointing
The BTC price journey in the last few months hardly encourages the average and small investors. The past three months has seen BTC values tank by 60% from a high of $46,000.
At Press Time Bitcoin is trading at $19,245.10 showing a growth of 0.78%in the last 24 hours, according to coindesk.com.