Bitcoin whales bought the crash when orders of $ 100,000 or more hit all-time highs

Both Bitcoin whales and institutions have made the most of the recent “crash” in BTC price by buying in suggested by the data.

In one UpdateFrom March 9th, the chain analysis service Material indicators noted that orders of $ 100,000 and more were on Binance, the world’s leading cryptocurrency exchange by volume, reach all-time highs.

Big bitcoin buyers bullish

In stark contrast to orders less than $ 100,000 The biggest purchases are more common than ever in Bitcoin’s history.

Bitcoin whales bought the crash when orders of $ 100,000 or more hit all-time highs
Bitcoin whales bought the crash when orders of $ 100,000 or more hit all-time highs

Smaller allocations were reduced in 2021This is in line with the existing view that institutions receive liquidity on exchanges that arose during the recent bull run.

“The $ 100k – $ 1M class is now facing a new ATH”Material indicators annotated Twitter alongside a chart.

“I mean, they bought the fall.”

Order volume chart versus BTC / USD pair. Source: Material Indicators / Twitter

Key indicators previously expressed concern about the price hike this weekon the grounds that whales might sell on the rise, a rerun of the race to an all-time high of $ 58,000 and a subsequent correction of 25%.

Although this has not yet happened, Analysts also noted that macroeconomic factors had a different impact than expected.

Whale orders fell after it was revealed that the $ 1.9 trillion stimulus package had been approved by the Senatewhile China’s support for tech stocks had the opposite effectAs Cointelegraph reported, the technology had dramatically reversed the trend in the stock markets.

After a major purchase from Coinbase, it saw a jump of $ 54,500

Later in the meantime Another batch of almost 12,000 BTC left the professional trading platform Coinbase Pro,TO as an example of the top BTC allocations that continue at current prices.

“That happened just before the recent price hike. Good game.”,TO commentedThe quantitative analyst Lex moskovski Learn about data from the Glassnode chain analysis resource.

BTC / USD paf hit a two-week high of $ 54,500 on Tuesday.

BTC / USD chart vs. Coinbase is ended. Source: Glassnode / Twitter

When the scope is expanded, The growing institutional stake in Bitcoin could encourage entry as the standard for investors alongside traditional games.

“We believe that it will actually behave as the bond markets believe or not.”Cathie Wood, founder and CEO of ARK Investment Management, told CNBC this week.

Binance order orders show that The next big BTC / USDT pair resistances for the bulls are at $ 58,000, the all-time high and $ 59,500.

Similar Posts