It appears that the largest Bitcoin wallets are buying the dip during the current market pullback, adding upwards of 6,000 BTC in a day.
- Analysts from CryptoQuant suggest that the largest Bitcoin wallets have been adding aggressively during the recent market downturn.
- Per a recent post from Yu Shiuan Chen,
Retail investors and small whales sell BTC, but top 69 large whales buy the dip. We can see a slight increase in BTC exchange reserves during the last 7 days, but Top 69 large whales buy the dip, even today they bought more than 6,000 BTC (Net).
- Analysts from the firm also concluded that “as a whole, most of the holders continue to HODL and traders continue losing their coins.”
In a short period, any movement to the downside is just noise.
- At the time of this writing, bitcoin’s price is trading at around $43,400, down 4% for the day, while the majority of the market has largely followed suit.
- Daily liquidations sit at $350 million, with the largest single order being a BTC perp on OKEx worth $4.38 million.