Bitcoin is the largest cryptocurrency in the world, by market capitalization. The flagship digital currency recently experienced a major correction, which was observed on May 19th. According to the correction, the price of BTC sunk below $40,000, causing distress to the short-term Bitcoin investors. The Bitcoin Whales, on the other hand, were reported to make use of Bitcoin’s price and made more investments in the top crypto asset.
According to reports earlier today, Bitcoin Whales have accumulated approximately 50,000 BTC, which is more than $2 billion in total, since the drop in BTC’s price last month.
The investment made by Bitcoin Whales has somewhat changed the dynamics, while many were of the view that BTC might be losing its significance due to the steep price correction.
This has been encouraging news for people in Bitcoin’s corner. It can also indicate a suitable time for novice parties to use secure exchanges such as SwissBorg or Kraken and purchase the flagship cryptocurrency.
The stance of Whales and Novice Investors After BTC’s Price Dip
The drastic decline in Bitcoin’s price witnessed last month was almost catastrophic and sent shockwaves across the crypto market. People responded differently to the horrifying news, which was stressful for many.
The short-term Bitcoin investors were reported to sell the BTC they owned at a discount. Meanwhile, the Whales were observed to invest in the digital asset, ever since the price went below $40,000.
As per reports, the large Bitcoin hodlers who had almost 100-1,000 BTC in their wallets ($3.2 million – $328 million) started investing in the digital currency after its price hit $37,000. They kept investing even when the price went as high as $39,000.
Here is a graph by CoinGecko that shows the ups and downs noticed in Bitcoin’s price since the correction.
According to Santiment, a digital currency data feed for investors, BTC Whales that had more than 1,000 Bitcoin now hold over 7.88 million Bitcoin. This is the largest amount of Bitcoin they hold since March 14th.
The price of the flagship cryptocurrency has been struggling to break through the $40,000 resistance. However, it has not discouraged the long-term BTC hodlers or Whales, which can be seen as a good sign, especially for potential BTC investors.
Are you Planning to Invest in BTC?
Bitcoin may be going through some fluctuations in price but it has not affected its prominence or utility. As reported earlier today, BTC is now recognized as a legal tender in the Central American country of El Salvador. The bill to make BTC a legal tender was suggested by the Salvadorian President and passed by Congress today.
Bitcoin is the top crypto asset in the world and has captivated the attention of numerous investors, entrepreneurs, businessmen, major organizations and a lot more. Despite, the occasional ups and downs in its price, its importance cannot be denied.
The major investments made by the Bitcoin Whales since the time of massive correction is major news for BTC enthusiasts and investors. It can indicate that the flagship cryptocurrency might make a comeback in the future, but also that it is still as important as it was before the price dipped.
You can even consider becoming a crypto trader eventually, which offers its own sets of benefits. If you are a novice investor and you want to start trading then ByBit is one of the best platforms to use.
On the other hand, if you have a demanding schedule, you travel a lot or simply do not have enough information to actively trade, then you can always opt for copy-trading and use PrimeXBT Covesting.