Data: Bitcoin Whales Hoard 122,588 BTC Amid Recent Market Disruption

Some of the most influential bitcoin holders bought bitcoin during last week’s market crash.

Data: Bitcoin Whales Hoard 122,588 BTC Amid Recent Market Disruption

Large bitcoin holders appear to be buying in a big way during the recent price correction, raising optimism that the sell-off may be coming to an end.

According to Glassnode, Anthony Pompliano of Morgan Creek recently concluded that bitcoin whales (entities holding between 10,000 and 100,000 BTC) bought 122,588 BTC at the peak of the market crash on Wednesday. most of the traffic on cryptocurrency exchanges comes from the U.S., as evidenced by the fact that Coinbase’s bitcoin premium at one point reached $3,000 USD is evidence of this.

Cryptocurrency hedge funds interviewed by Bloomberg also reiterated that they were, in fact, underbuyers. London-based MVPQ Capital and ByteTree Asset Management, as well as Singapore-based Three Arrows Capital, all bought in the current round of declines.

Kyle Davies, co-founder of Three Arrows Capital, told Bloomberg:

“Those who borrowed money to invest, they were wiped out of the system [……] Whenever we see a massive liquidation, that’s a buying opportunity. I wouldn’t be surprised if bitcoin and ethereum recoup their entire decline in a week.”
As Cointelegrah recently reported, at least one well-known whale who sold Bitcoin for $58,000 has not only re-hoarded Bitcoin, but has also increased their holdings. The unknown entity sold 3,000 BTC on May 9 and then bought back 3,521 BTC in three separate transactions on May 15, 18 and 19.

On Sunday, the bitcoin price fell below $32,000 as traders continued to test the limits of a new bearish range. On Wednesday, bitcoin briefly dipped below $30,000 – a level that seems highly unlikely to be penetrated again – before quickly recovering to $37,000. However, resistance above limited bitcoin’s rally to no more than $42,000.

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