The most recent crypto flash crash that took place three days ago wiped out more than a fifth of Bitcoin’s value and caused over $2 billion worth of positions to be liquidated ended up being nothing more than a feeding party for whales as they gobbled up more than $3.3 billion worth of Bitcoin during the dip.
As most traders fled for the hills, the whales of the crypto world started adding to their Bitcoin position as the valuation bottomed out at $43,500. Santiment, the on-chain data provider, reported Tuesday that wallets holding between 100 and 10,000 BTC added up to 67,000 new BTC through the dip which are already worth over $3.3 billion as BTC has recovered since the sell-off.
On-chain data shows that the third-largest Bitcoin whale was responsible for a percentage of the new purchasing activity. On Monday, the whale increased its holdings by 2,702 BTC at the price of $50.6k for $136 million.
Whales might seemingly be responsible for some of the selling pressure during the latest dip as they sold off positions which Santiment pointed out in a recent Tweet:
Now the whales have circled back around and have been active in acquiring more BTC at cheaper levels.
Disclaimer: The information above does not constitute investment, financial, trading or any other sort of advice and you should not treat any of the content on this site such. We do not recommend the purchase, sale, or holding of any cryptocurrency or other product. None of our content should be deemed as an offer to purchase, sell, or hold a cryptocurrency or other product or service. Please consider doing your own research and prioritize consulting a certified financial professional before making any investment decisions.
One thought on “Whales Feasted During Recent Bitcoin Sell-off Acquiring Over $3.3 Billion In Three Days”
Comments are closed.