Bitcoin Exchange Data Shows Whales ‘Bought the Dip’ as Large Orders Hit New Highs
Data from leading cryptocurrency trading platforms shows that large bitcoin holders – colloquially known as whales – have been BTC even as the price of the cryptocurrency drops. Per on-chain analytics service Material Indicators, whales “bought the dip.”
In a series of tweets, Material Indicators initially expressed concern regarding the health of bitcoin’s upward rally, arguing whales could “sell into” the upward movement and repeat the pattern that occurred after bitcoin hit a new all-time high above $58,000.
Whales have not been selling into the surge, however. While the analysts pointed out macroeconomic factors that were expected to have an impact on bitcoin buying – including the United States’ $1.9 trillion stimulus package passing the senate – did not appear to influence the market, other factors did.
China supporting tech stocks has, on the other hand, affected the bitcoin market. Orders for between $100,000 and $1 million on leading trading platform Binance moved toward a new all-time high, which means whales “bought the dip.”
As Cointelegraph reports, quant analyst Lex Moskovski has also pointed out large amounts of BTC have been moving out of Coinbase Pro. The analyst pointed to a batch of 11,554 BTC moving out of the trading platform.
These large transactions from Coinbase are believed to be the result of over-the-counter (OTC) deals for institutional investors, as the funds are thought to then be moved to cold storage wallets where they are securely stored.
It’s worth noting these large transactions out of Coinbase may be transactions that have already been disclosed. As CryptoGlobe reported, Norwegian industrial giant Aker ASA announced it established a company dedicated to investing in projects and companies in the Bitcoin ecosystem called Seetee. The firm has already bought 1,170 BTC.
Hong Kong-listed firm Meitu has also revealed it invested $22.1 million in ether, the second-largest cryptocurrency by market capitalization, and $17.9 million in bitcoin. The company bought a total of 15,000 ETH and 379.1 BTC.
Featured image via Pixabay.
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