According to analysts, the top Bitcoin Whales bought into the drop, adding more than 6,000 BTC in a single day.
It seems that the largest Bitcoin wallets are bearish during the current market pullback, adding 6,000 BTC in a day.
Analysts from CryptoQuant suggest that the largest Bitcoin Whales wallets have been replenished aggressively during the recent market downturn.
According to a recent post by Yu Shiuan Chen,
Retail investors and small investors sell BTC, but the top 69 large whales buy at a discount. We can see a slight increase in BTC exchange reserves in the past 7 days, but the top 69 major investors have dropped in price, even today they bought over 6,000 BTC (Net).
Analysts from the company also concluded that “in general, most holders continue to HODL and traders continue to lose their money.”
For a short period of time, any movement to the blemish is just noise.
At the time of this writing, bitcoin price is trading at around $43,600, down 4% on the day, while most of the market has followed suit.
Daily liquidation at $350 million, with the largest order being BTC perp on OKEx worth $4.38 million.