20 JUN, 2022

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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.

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Bitcoin Whale activities have suddenly peaked at a four-month 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.

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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.

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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.

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Buying The Weakness

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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.

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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.

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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.

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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.

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THANKS FOR READING!

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