According to reports by Chainanalysis, Bitcoin Whales purchased 77,000 Bitcoin last week during the steep correction witnessed for the crypto market. While the short-term investors were selling their BTC holdings in panic, the Whales were accumulating Bitcoin. This is excellent news for enthusiasts and investors of Bitcoin, all the while being encouraging for people who have been planning on investing in flagship digital currency.
Despite the decline in BTC’s price, things appear to be improving for the crypto asset. After dropping close to $30,000, the top crypto asset currently stands at $40,172 (at the time of writing).
The price of the digital asset is likely to surge higher, therefore, if you have been planning on investing in Bitcoin now might be a suitable time. If you are looking to buy Bitcoin for the first time then make sure you choose top exchanges such as SwissBorg or Kraken.
Details of BTC Investment Made by Whales
Last week the price of Bitcoin significantly dropped, which led to the selling of BTC holdings by multiple investors. On one hand, the short-term investors let go of their Bitcoin investments, and on the other hand, BTC Whales availed the opportunity and accumulated the digital asset while its price was low.
According to the on-chain data monitored by Chainanalysis, the Bitcoin Whales purchased Bitcoin worth slightly above $3 billion. Hedge funds and asset managers have also been reported to buy Bitcoin while its price oscillated somewhere between $30,000 – $35,000.
The flagship cryptocurrency was also at a loss during the price drop that occurred last week. Nearly $3.2 billion worth of Bitcoin was sold off at a loss during the correction, after being acquired for a short period (4-13 weeks).
Despite the jaw-dropping decline in Bitcoin’s price it is now back at its average purchase price and is likely to increase further.
Here is a graph by CoinGecko that shows the difference in price between last week and now.
Can This Indicate a Rapid Increase in BTC’s Price?
The investments made by the Whales and optimism of long-term investors who kept their Bitcoin holdings and are some of the contributing factors that can help the crypto asset in surging higher. However, there can be no certain price region to be kept in mind at the moment.
Bitcoin has been at the top of the crypto market and retained its position despite taking a hit. Therefore, people who have been trying to determine how to buy Bitcoin can make use of BTC’s price and start investing. The best way novice parties can invest in the digital asset is by using reliable exchanges such as SwissBorg exchange or Kraken.
New investors can also ultimately consider crypto trading on platforms like ByBit. ByBit exchange is one of the safest crypto exchanges in the market and most suitable for experts and beginners alike.
People who are interested in crypto trading but cannot actively trade due to lack of expertise or proper time can opt for copy-trading and use PrimeXBT Covesting. Copy-trading allows the mirroring of an expert’s trades without constantly monitoring the market trends.