The Bitcoin Whales have reportedly deposited 813 million USDT to crypto exchanges on Monday to buy Bitcoin. USDT is the most popular stablecoin that is used by the Whales to buy Bitcoin.
Investment on such a big scale by the Whales can be taken as a positive sign for the people who own and trade in Bitcoin. Bitcoin is the top cryptocurrency in the world and despite its occasional price dips and surges, it has retained its position in the market.
The rising prominence of Bitcoin is evident from news of Bitcoin Whales investing in it, which is promising news for Bitcoin investors and traders. This is also reassuring for people who have been thinking of investing in Bitcoin but haven’t been able to do so yet.
Therefore, considering Bitcoin’s price and investment of popular organizations now might be a suitable time for people to use popular exchanges such as SwissBorg or Kraken and purchase Bitcoin.
Deposit of USDT to Purchase Bitcoin
According to reports, two consecutive deposits were sent to the crypto exchanges by the Whales.
- 386 million USDT were sent in ten minutes
- 427 million USDT were sent in a few hours after the first amount was deposited
The deposit of such huge amounts of stablecoins was revealed by Glassnode charts. Similar charts were also observed in April when two deposits of 476 million and 2.37 billion USDT were sent by Whales to the crypto exchanges. This can be seen as a positive pattern for Bitcoin investors and a good incentive for people who intend on buying the cryptocurrency soon.
Impact on BTC’s Price
After rising as high as $59,000 and then dropping back to $54,000, Bitcoin is now at $55,000. The flagship digital currency has been quite volatile since May 5th. However, it is now at $55,000 and is being accumulated by the miners and long-term hodlers as well.
Despite Bitcoin’s volatility, the Whales have invested a massive amount in the cryptocurrency, which is a positive sign for investors of traders of BTC.
What Should Existing and Potential Investors or Traders Do?
Keeping in view the large investment of Whales in Bitcoin, it is safe to say that now is a great time to invest in the flagship cryptocurrency. The investment of major companies and organizations is good news for the existing investors and traders of BTC.
However, people who have not yet invested in BTC should consider investing in the cryptocurrency through secure exchanges and ultimately move towards crypto trading.
After purchasing Bitcoin from an exchange, if you plan on crypto trading then you can use ByBit. However, if you are busy but still want to actively trade then you can opt for copy-trading by using PrimeXBT Covesting.