Bitcoin (BTC) whales are buying back the cryptocurrency close to $ 60,000; Data shows classic bull market behavior.
According to on-chain monitoring resources as of Nov 16 Bitcoin’s third largest whale address increased its holdings by 207 BTC.
Whale shop in autumn
Despite the 8% drop in the price of the major cryptocurrency over the past 24 hours Bitcoin is still a solid buy for its biggest investors.
A direction, which is now the third largest with a balance of 193433.46915660 BTC, it added the equivalent of $ 12.84 million to its balance at a price of $ 62,053 per bitcoin.
“So far this address has bought 635 BTC in November”,TO pointed out Journalist Colin Wu in comments on the event.
“The current balance for this address is 108,528.56 BTC and the unrealized income is $ 4,632,109,617.37.”
This whale behavior is actually common in bull runs.as evidenced by blockchain data covering peaks from previous cycles.
“I think that Whales and big gamers often hedge their bitcoins by transferring to derivatives exchanges and taking short positions when buying a large amount of BTC at the lowest prices.An employee of the on-chain analysis company CryptoQuant said on Tuesday.
“This pattern is evident during the last bull market (2017) when the All Exchanges To Derivative Exchanges indicator peaked many times and the price jumped each time. At the moment, during the bull market, the metric peaked four times. What on it indicates that the whales are constantly buying and hedging their coins.
This, the article summarizes, is a “long-term bullish signal” for the price action.
Bitcoin price action remains conservative
As Cointelegraph reported, Long-term owners started offsetting their BTC holdings from this month.
In the so-called “distribution” the phenomenon has accompanied the voracious phase of bullish price movements in the past, as was seen in November last year.
Strong buyer volume at the $ 62,000 level was insufficient to prevent the lower levels from being retested Tuesday., contrary to the expectations of Whalemap, a tool for monitoring whale activity.
$ BTC 62,800 have actually been played out since then. Don’t wanna break it. pic.twitter.com/VS1plF3ytv
to???? Walk map (@whale_map) November 15, 2021
BTC has since hit $ 62,800. The truth is I wouldn’t want to break it.