Bitcoin Whales are Buying the Dip Despite the Decline Seen for BTC

8:25 am, Thu, 23 June 22

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Bitcoin is the world’s first and now largest digital asset. The crypto asset is not only prominent but is also the recipient of a lot of pressure as any ups and downs in its price cause price fluctuations for the altcoins.

The price of Bitcoin has been plunging for several weeks. However, it is not the only cryptocurrency going through a decline. The overall crypto market has been facing a bleak situation where the prices of digital assets are moving downwards.

Bitcoin is currently trading at $20,562 (at the time of writing) and has been struggling to rise above this price region for several weeks.

Despite such a critical condition of the crypto market, the Bitcoin Whales have not stopped investing in the crypto king. It has been reported that the Whales are buying the dip while many other BTC investors and traders have become skeptical about its future.

Let’s find out more details about the investment from the BTC Whales.

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BTC Whale Holdings Hit Record High

As mentioned above, Bitcoin is currently stuck at the $20k price mark. The price of the crypto king has been declining for the last few months.

Here is a graph by CoinMarketCap showing the price movement of Bitcoin over the last three months.

btc-graph-23-06-2022

Over the last month, the price of the flagship cryptocurrency dropped as low as the $17k price mark. Its market cap went below $1 trillion, which caused many retail traders to sell substantial portions of their holdings in panic.

However, the Whales have taken advantage of the situation to buy more BTC. Whales dumping their assets can cause the prices of digital currencies to drop quite quickly. Such large entities accumulating the asset despite the price movement can be seen as a positive indication.

It has been reported that the largest Whales have been adding to their positions setting a new all-time high record.

According to reports, five Whale addresses have a combined holding of 776,000 BTC. This has indicated a “steady accumulation spree”.

As per reports, the largest Bitcoin Whale is a Binance cold wallet with 252,597 BTC. Following it is a Bitfinex wallet with 168,010 BTC.

Some of the largest holders of the crypto king are publicly listed companies such as:

  • Galaxy Digital Holdings
  • Tesla
  • Square Inc.

Michael Saylor’s company, MicroStrategy has the largest holding with more than 129,000 BTC. It recently purchased Bitcoin worth $191 million.

If you are also interested in buying the crypto king then make sure you opt for the lowest fee Bitcoin exchange that prioritizes your security as well.

What Should a New Crypto Investor Know?

The crypto space is known to be volatile as the prices of digital assets fluctuate a lot. The price movements for cryptocurrencies can be caused by several reasons that you can learn about here.

There are numerous other factors new crypto investors need to know about before they start buying Bitcoin or any other digital currency. Knowing some useful tips and information can make the overall process and experience less stressful.

Here is what you need to know as a new crypto investor.

  • Start by investing a small amount.
  • Opt for the best Bitcoin exchange that offers utmost security and suits your needs the most.
  • Keep an eye on the price movement of the cryptocurrency you want to buy.
  • Know when to invest.

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