According to data from the bitcoin network, rich whales buy units that are sold by seasonal traders and some owners. That is, while the overall market trend has been down since the beginning of the week.
According to the Coin Telegraph, new data shows that experienced, wealthy and active market investors are buying more bitcoins in the immediate market for digital currency exchanges, while the volume of bitcoins coming out of these cold wallet exchanges is also increasing.
According to data provided by Willy Woo, a leading digital currency analyst, the two-week improvement in bitcoin market prices has been accompanied by increased sales pressure from long-term investors and seasonal traders.
However, the ability of the price of bitcoin to withstand the pressure of selling meant that the pressure to buy came from elsewhere. For several days now, it has been clear that bitcoin whales have been accumulating this digital currency at current price levels.
Willie Wu said:
This amount of sales contradicts data from exchange offices, which show long-term purchases of experienced investors in current markets and the transfer of bitcoins to large whale portfolios. Bitcoin, which is being transferred from exchange offices to cold wallets, confirms this. Meanwhile, whales are accumulating with more than 1,000 bitcoins (about $ 45 million) in stock. This cash flow can be linked to institutions operating in the bitcoin market.
Despite the decline in the price of bitcoin at the beginning of the week, the increase in stocks of whales holding between 1,000 and 10,000 bitcoins is also significant.
Ecoinometrics, one of the chain’s data analysts working on Twitter, said:
Big whales buy bitcoins. Therefore, it can be said that even the fall in the price of bitcoin after the fall of the US stock market shows that long-term holders consider the current price a good entry point.
Hunain Naseer, a senior analyst at OKEx Exchange, said that as the candlestick crosses the 20-day moving average, bitcoin needs more time to stabilize. However, if bitcoin can regain the level of 46,000 dollars, it is likely to rebound to the level of 50,000 dollars.
Willie Woo, on the other hand, forecasts $ 33,000 as the minimum price of bitcoin, given recent sentiment among long-term investors and seasonal traders. $ 40,000 will remain an important level of accumulation, while $ 46,000 to $ 48,000 is a heavy zone of resistance for buyers.
The publication Intra-Chain Data: Despite the sale of short-term traders, whales are accumulating bitcoins appeared first in the digital currency.