Crypto Whales Turn Active – Buying The Dip While Prices Crashed
Institutional investors, especially hedge funds have also made a killing during the crash when Bitcoin prices fell below $40,000, buying up
The crypto market may have caused severe loss to many investors, but for quite a few influential players in the market, it was a great opportunity to buy the dip and prepare for an anticipated rebound. According to analysis of data from Glassnode, more than 122k Bitcoins were purchased by whales – investors who own anywhere between 10,000 and 100k BTC, last Wednesday when its price fell sharply.
Institutional investors, especially hedge funds have also made a killing during the crash when Bitcoin prices fell below $40,000, buying up as much as they could. Analysis from Chainalysis indicates that the bull run in crypto market had seen inflows worth $410 billion into BTC, but the crash caused a loss of as much as $300 billion of BTC investments.
But it’s not just Bitcoin in which whales have been very active through the crash. The second most popular cryptocurrency by market cap, Ethereum, also saw a large transaction involving the movement of 130k ETH tokens from one wallet to another last week.
The bearish pressure is still very much existent, although leading cryptocurrencies are trying to recover from the crash. Market leader BITCOIN is unable to break past a strong resistance at the key $40,000 level, trading at around $35 at the time of writing.
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