There’s no doubt that last week was one of this year’s darkest in terms of cryptocurrency, as the market went through a huge meltdown. But some BTC whales did what everybody was expecting: kept their calm and bought the dip.
According to a report from Morgan Creek Digital, several large Bitcoin holders appear to have aggressively bought the dip, ignoring the price correction and, in some way or another, raising optimism that the current bear run could end very soon.
Ridiculous amounts of BTC were bought
Over the past few days, the so-called BTC whales – entities holding between 10,000 and 100,000 Bitcoin, purchased a total of 122,588 tokens, during the peak of the market crash, on Wednesday. Most of them were from the United States, as evidenced by Coinbase’s $3,000 BTC premium.
But the whales weren’t the only ones taking advantage of the dip as, according to Bloomberg, multiple crypto hedge funds added to their portfolio. London-based MVPQ Capital and ByteTree Asset Management, as well as Singapore’s Three Arrows Capital, bought big amounts of Bitcoin.
“People that were borrowing money to invest, they were wiped from the system. Every time we see massive liquidation is a chance to buy. I wouldn’t be surprised if Bitcoin and Ethereum retrace the entire drop in a week,” believes Three Arrows Capital co-founder Kyle Davies.
One whale to rule them all
Even though there were many big buyers to add Bitcoin to their portfolio, one whale managed to stand out, after selling BTC at a price of $58,000, then reaccumulating and adding to its holdings. Specifically, the entity sold 3000 BTC on May 9, then bought back 3,521 BTC on May 15, 18, and 19.
On Sunday, the price of one Bitcoin reached $32,000 and BTC whales surely tested again the limits of this bearish range. And it kept going until $30,000, a level that many thought was unreachable, considering Bitcoin’s spectacular growth from the past months. However, this is most likely a price correction and we should see a bullish behavior throughout the next days.