Whales Fill Up On Bitcoin While Broader Market Panics
2021年11月27日 - 02:00AM
NEWSBTC
Bitcoin has recorded multiple dips in recent weeks that have pushed
its price below $60,000. The slump came as a result of sell-offs
from investors who believe that the asset has reached its peak.
Panic had spread like wildfire, triggering even more sell-offs but
not everyone gave in. Whales have always been known to gobble up
the bitcoins that small-time investors unload during periods of
panic and this time has proven to be no different. While the
broader market panic sold their holdings, bitcoin whales took
advantage of the opportunity to pad up their holdings, snapping up
billions in the digital asset during the dip. Related Reading
| Reddit User Calls Out KuCoin Over ≈$50,000 Stuck On Exchange
Whales Load Up On Bitcoin Data analytics firm Santiment recently
published a report showing whale activity during the recent dip. In
the report, the firm notes that while the sell-off was taking
place, whales had significantly increased their holdings. These
whale wallets containing 100 to 10,000 BTC took full advantage of
the panic in the market and picked up about 59,000 BTC last week. 🐳
If you've been waiting for #Bitcoin whales to show signs of
accumulation, our data indicates it's happening once again. In the
past week, a total 59k $BTC has been added to addresses that hold
between 100 to 10k $BTC. This is 0.29% of the total supply.
https://t.co/xbZms4GtKm pic.twitter.com/eeRrnrISRM — Santiment
(@santimentfeed) November 25, 2021 BTC slumps to $54K | Source:
BTCUSD on TradingView.com This figure shows that in one week alone,
these whale wallets have accumulated about $3.3 billion worth of
bitcoin, which amounts to an additional 0.29% of the circulating
supply now controlled by the whales. It would seem with every
downward correction, small-time investors lose even more hold on
the market as whales remain at the ready to mop up the coins that
investors dump in their panic. Crypto Market Dives Into Fear The
panic that gripped the market after bitcoin began its downtrend was
evident in the Fear & Greed Index. The index had remained in
greed territory for the better part of last month but that change
recently after the first signs of a market correction. Market
sentiment had dropped so far into negative that in the space of a
week, the index was back into neutral territory and then fear not
too long after. Related Reading | Bitcoin Whale Wallet
Containing 1,299 BTC Activates After Eight Years The Fear &
Greed Index score continued to drop, hitting a new two-month low
after dropping to 32 on Thursday. This puts the market in full
panic mode leading to more sell-offs in the market. However, whales
have taken full advantage of this for their benefit. Whales
accumulating bitcoin has however always spelled good news for the
market. Cumulatively, these high-volume addresses hold enough to
have a certain sway over the market. Thus, as long as they refuse
to sell and instead purchase more of the asset to increase their
holdings, then the fewer coins are on exchanges to lead to a
continued downtrend. Featured image from Bitcoin News, chart from
TradingView.com
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