The fall in the BTC rate attracted bitcoin whales to the currency

The fall in the BTC rate attracted bitcoin whales to the currency

This Bitcoin Whale Sold at $12000 BTC Price After HODLing for 2 Years

Contents

The fall in the BTC rate attracted bitcoin whales to the currency
CONTENT

  • The accumulation of bitcoins by whales may be a deterrent in the case of falling prices.

  • The behavior and interests of whales have a tangible impact on the entire Bitcoin market.

  • Whales are primarily interested in the long-term growth of the BTC rate.

The fall in the BTC rate attracted bitcoin whales to the currency

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Decrease in BTC supply circulating in the network and accumulation of coins by whales could undermine any bearish BTC trend.

Convenient purchase opportunity

Last night, crypto trader Johnny Moe (@JonnyMoeTrades) shared with his readers on Twitter that the order book of the Bitfinex crypto exchange reflected the return of a large buyer (or buyers) to the market. He added that a similar increase in shopping was already observed earlier this month..

Judging by the chart, a single player or a small group of players were actively placing orders to buy BTC in the region between $ 8600 and $ 8800. The impressive size of these orders gives every reason to call this unknown trader a bitcoin whale..

Recall that yesterday the BTC rate dropped sharply under the $ 9000 mark, catching many market participants by surprise. We also note that Bitcoin quickly rebounded from peak lows and after a short period of stabilization moved to attempts to recover above the $ 9000 level..

The fall in the BTC rate attracted bitcoin whales to the currency

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Market masters

Bitcoin whales as professional traders always remain the object of close scrutiny from other players and investors. Their attitude towards the prospects for this cryptocurrency is traditionally considered an indication of where the MTC course can go next..

Moreover, some analysts warn that during periods of trading calm, whales deliberately create volatility in the market. They start selling assets in a pattern that ultimately brings them a profit..

It is also important to remember that whales are the main owners of bitcoins, so any of their activities significantly affects the entire market. This becomes even more relevant in the face of a decrease in the total supply of BTC coins..

The fall in the BTC rate attracted bitcoin whales to the currency

As whales seek to accumulate more and more bitcoins at their addresses, this fact alone may suggest that this state of affairs could undermine any significant bearish trend in the currency. The market will simply not have enough free coins to sell..

The whale is a leisurely animal

Meanwhile, according to the generally accepted view, whales are long-term hodlers, interested in rising prices. At the same time, as experts of the popular cryptanalytic company Chainalysis recently recalled in a June report, most Bitcoin hodlers continue to treat it as digital gold and a long-term investment, storing it at their addresses without movement for years..

Accordingly, they noted, the liquidity of the cryptocurrency will largely depend on how many coins will be transferred from the investment pool to trading platforms. In the meantime, according to analysts at Chainalysis, only 19% of all mined bitcoins are actively used in trading. According to Chainalysis, this state of affairs will change only when the BTC rate rises to levels at which long-term investors want to sell the currency..

However, not everyone agrees with this opinion. So, earlier, the editorial staff of BeInCrypto said that, according to other experts, many cryptokits are not hodling and constantly drain assets. However, in this case, it was also about sales during the growth of bitcoin, and not its fall.

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