Bitcoin Whales Take Advantage Of Market Crash To Gobble Up Millions In BTC
The bitcoin crash rocked the market to its core when the digital
asset had lost over 50% of its all-time high value to bottom out at
$33,000. It was as a result of market sell-offs across the
financial space, sparking a ripple effect that was felt heavily in
the crypto market. Market sentiment had crumbled during this time
as investors had scrambled to sell their holdings. However, not
everyone saw the declining prices as a signal to sell before prices
tank even more. Whales, who control a large portion of the
circulating supply, took this as a cue to buy and have been filling
their bags with all of the bitcoin being dumped on the market by
panicking investors. Whale Gobbles Up Traded Bitcoin In a report
from CC15Capital, the trading activities of a whale are outlined.
In what came out to be a long document, it shows that the whale had
been purchasing tens of thousands of bitcoin every few hours while
traders dumped their coins. CC15Capital which is an asset allocator
tracked the wallet and discovered that a single bitcoin wallet had
been purchasing millions of dollars worth of bitcoin. Related
Reading | Market Sentiment Crumbles As Sell-Offs Drags Bitcoin
To $33,000 In the event of the past week’s price crash, this single
whale had accumulated millions in bitcoin. Each purchase ranged
from $2 to $18 million worth of BTC every few hours, averaging
48,000 BTC per purchase. It looked like the whale was buying up all
coins being dumped on the market. By the weekend, the wallet had
successfully increased its holdings by a couple of hundred thousand
BTC. The more the price dropped, the more bitcoin the whale bought.
BTC trading above $36k | Source: BTCUSD on TradingView.com
CC15Capital, in response, called for bitcoin investors to stop
dumping their coins, which are being bought by whales, thereby
increasing the concentration of bitcoin supply in the hands of
large investors. Stop panic selling your #Bitcoin to this guy. He’s
been buying $2-18 million worth every few hours.
pic.twitter.com/eCE3UKXEfD — CC15Capital (@Capital15C) January 24,
2022 Tradable BTC On The Decline CC15Capital also noted that the
volume of bitcoin that is available for sale has gone down.
Currently, 14.5 million of the total bitcoin supply is illiquid.
This means that this supply has not moved, neither have they been
traded. It is the highest concentration of supply which looks to be
held for the long-term. In the same tweet, the asset allocator
explains that if the wallets holding this illiquid supply were to
increase their holdings by a mere 27%, a total of 4 million BTC,
there would be no coins left for sale, driving the supply to zero.
#Bitcoin illiquid supply (not traded) is at 14.5 million. If those
who #HODL the 14.5 million Bitcoin, would increase their holdings
by 27%, or 4 million $BTC, there would be exactly 0 remaining coins
available for sale. Keep buying and HODL. Law of supply/demand will
prevail. pic.twitter.com/RUb6gHSif6 — CC15Capital (@Capital15C)
January 24, 2022 Related Reading | Has Bitcoin Reached Its
Bottom? Analyst Says It Still Has A Long Way To Go Other whales
have also taken advantage of the sell-offs happening in the market.
As the exchange supply is dwindling, these large investors are
making sure there is no shortage on their end when a supply squeeze
happens. This is how you buy $1 Billion in #Bitcoin in 2 months.
From $0 in November 2021 to over $1 Billion now. When you panic
sell your $BTC, this is one of the guys buying it. Buy, #DCA and
#HODL. pic.twitter.com/fmjpCFjCEI — CC15Capital (@Capital15C)
January 25, 2022 In two months, a whale wallet that had zero BTC in
November has managed to gather an impressthatalance of over $1
billion in BTC. This account looks to have started buying with the
crash and has continued to do so ever since. At the time of
writing, the wallet balance sits at $1,013,777,643.51. Featured
image from TokeneoBit, chart from TradingView.com
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