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.
Source: Santiment
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.
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