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According to data provided by Bitinfocharts, the third largest cryptocurrency whale has added another 321 BTC to its Bitcoin holdings. The total balance of the whale’s Bitcoin wallet has now reached a mind-blowing 111,794.59 BTC. That’s about $4.75 billion. For details of the news and more Cryptocoin. com continue reading e.

Anonymous whale continued to buy Bitcoin in decline

Whale bought another $13.5 million in BTC on the decline. The anonymous whale currently has almost $5 billion worth of Bitcoin in its crypto address. According to data from the BTC analytics website, the amount of BTC held in the whale’s wallet (111,794.59 BTC) accounts for 0.5939% of the entire Bitcoin supply. The wallet shows 446 incoming transactions and 54 outgoing transactions. Also, the wallet contains a potential profit of $2,527,773,751.

Small BTC investors own 13.9% of Bitcoin supply

According to a recent tweet from popular on-chain data provider Glassnode, smaller holders of Bitcoin have 14 times more in their wallets than the aforementioned crypto whale. According to crypto analyst Yuri Molchan, when small investors complain about significant price corrections, they continue to hoard on leading crypto. Using data provided by crypto analyst Willy Woo, Glassnode tweeted that Bitcoin addresses with less than 10 BTC in their balance are accumulating Bitcoin faster than before since “digital gold” bounced back from its all-time high of $64,863 in mid-April. :

As it seems by tradition, smaller Bitcoin HODLers often pile up BTC after significant corrections. Those holding less than 10 BTC, woonomic points out, have stepped up their savings since the mid-May sale. They now collectively hold 13.9% of the supply.

https://twitter. com/glassnode/status/1440611529657778187

Scott Bauer: BTC is stuck in a range

Scott Bauer, CEO of professional trading platform Prosper Training Academy, says that after the recent Bitcoin price correction, whales took advantage by accumulating more of the asset, which partially contributed to the volatility experienced. Scott Bauer notes that the Bitcoin price has remained in the current range for a long time, giving whales an opportunity to accumulate and suggests that unless Bitcoin breaks the $42,000 barrier to the $36,000 mark, the whales will still prevail.

According to Scott Bauer, the drop in Bitcoin has offered an opportunity to save money for risky asset inventors by taking advantage of the 24/7 availability of cryptocurrency markets. The CEO states that Bitcoin fell almost 10% on Sunday and the crypto markets offer an excellent investment opportunity after the stock market was sold on Monday:

Bitcoin is stuck in a range. This happens at the very low end of the range. It’s been in a range for quite some time now, until we really break $42,000 and change the level. But until we really break that $42,000 and maybe hit the $36,000 or $37,000 level, I think the bulls still have the upper hand.

“Bitcoin awaits the Fed’s next direction”

Also, Scott Bauer says that Bitcoin, like the stock market, may be waiting for the next announcement from the Federal Reserve on interest rates. The CEO predicts that most investors can stay on the sidelines until the Fed’s next direction before deciding to buy Bitcoin. Scott Bauer states that although the correlation between cryptocurrencies, interest rates and the dollar remains unclear, investors will prefer to wait for the Fed’s next direction.

Scott Bauer’s sentiment came after Bitcoin’s volatility intensified on Monday, given the asset’s pace at an all-time high. Bitcoin was trading above $50,000, which was considered a critical psychological point earlier this month.


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Michael Lewis

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