Large bitcoin holders seem to believe that this is far from being the end of the 2021 bull cycle. Data reveals that whales took the opportunity to buy a whopping $3.5 billion, or 67,000 BTC, while the cryptocurrency was plunging towards $42,000.
- As CryptoPotato reported on December 5th, bitcoin’s price had dropped to $42,000 (on Bitstamp) – its lowest point since late September, for a cumulative crash of more than $16,000 in a day.
- Huobi – one of the leading cryptocurrency exchanges with a prominent focus on the Chinese market – experienced a flash crash where the BTC price dropped to $28.8K instantly.
- All of this resulted in billions of dollars worth of liquidated long positions, causing nothing but mayhem within the community.
- Bitcoin whales, though, seem to have played this price movement “to perfection,” according to data from Santiment.
- The firm, which specializes in on-chain and social metrics of more than 2,000 cryptocurrencies, revealed that addresses holding between 100 to 10K BTC bought 67,000 bitcoins, beginning during the dump to $43.5K. That’s worth around $3.44 billion at current prices.
Bitcoin has recovered back to $50.1k Monday, and whale traders played the dip to perfection. Beginning during the dump to $43.5K, addresses holding 100 to 10K BTC have accumulated 67K more BTC after dumping the same amount before the price drop.
- Meanwhile, earlier today, we reported that the third-largest BTC whale also took advantage of the dip and bought more than 2,700 coins in a day at around $50K.