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.
Ethereum-based decentralized exchange (DEX) Merlin, which uses zero-knowledge sync (zkSync), has lost more than $1.8 million in a liquidity pool exploit hours after smart contract security firm CertiK audited its code. The hack occurred on Wednesday morning during the public sale of Merlin’s native token, MAGE, with the attacker siphoning several assets, including USD Coin…
Elon Musk has alleged that the former CEO of bankrupt crypto exchange FTX, Sam Bankman-Fried, has donated over a billion dollars to the Democratic party to support them in the elections. In a recent discussion on Twitter, Will Manidis, the Chief Executive Office of healthcare AI platform Science, called SBF’s donations to politicians “one of the highest…
This week was a complete rollercoaster in terms of price action as the majority of cryptocurrencies found themselves stuck in a chopping range before the ultimate leg down. Bitcoin was trading at around $23,300 this time last week, and a couple of days later, it attempted the first push toward $24K. it was unsuccessful, and…
Five months after the successful completion of the “Agharta” hard fork at block 9,573,000, the Ethereum Classic (ETC) Core developers announced today that the blockchain would undergo another network upgrade dubbed Phoenix. Ethereum And Ethereum Classic Compatibility Phoenix is a system-wide upgrade and will take place on June 3rd, 2020, at exactly block 10,500,839. Per…
PolyNetwork, an interoperability protocol enabling atomic-cross chain transactions between multiple major blockchains, was just exploited to steal $600 million worth of investor’s crypto on Polygon, Binance Smart chain, and Ethereum What Exactly Happened? As reported by CryptoPotato earlier today, PolyNetwork announced that they had been attacked at 8:38 am EST. They immediately listed the addresses…
[PRESS RELEASE – London, United Kingdom, May 29th, 2024] Memeinator the viral new meme coin, continues its upward trajectory following its successful $7.7 million presale and has confirmed it will list its MMTR token today, the 29th of May, at 3 PM UTC on both MEXC and Uniswap. MEXC, popular among both novice traders and
[PRESS RELEASE] 14th August 2019 – Funfair Technologies has made an application to the Isle of Man Gambling Supervision Commission for a Token-Based Software Supplier Licence in order to support its ongoing growth and wider business strategy going forward. A successful determination will enable FunFair to operate within the framework of a Tier 1 gaming…
It has been a wild ride for Dogecoin (DOGE) in 2023, with the world’s largest meme coin experiencing several peaks and troughs. Despite the lack of price stability, AI model Google Bard has provided a bullish forecast for where DOGE could head after the next Bitcoin halving event, scheduled for April 2024. Bard also highlighted
Bitcoin’s scarcity is one of its distinctive characteristics. Moreover, industry experts and analysts consider it to be among its main benefits. Some even believe that it will eventually allow Bitcoin to get in line with traditional scarce assets such as gold and silver. Bitcoin’s Scarcity Scarcity is the limited availability of a commodity which is…