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Bitcoin bargain: 3rd biggest whale address adds 207 BTC at $62K

November 16, 2021No Comments


Bitcoin (BTC) whales are back in the game near $ 60,000, as the data shows classic bull market behavior.

According to the on-chain monitoring resources of November 16, the the third longest Bitcoin's whale address has increased its holdings by 207 BTC.

Whales buy the dip

Despite falling 8% in the last 24 hours, Bitcoin is still a solid buy for its biggest investors.

For one address, now the third largest with a balance of 193433.46915660 BTC, it added the equivalent of $ 12.84 million to its balance at a price of $ 62.053 per bitcoin.

"As of now, this address has increased its holdings by 635 BTC in November," said journalist Colin Wu. indicated in comments about the event.

"The current balance for this address is 108,528.56 BTC, and the unrealized income is 4,632,109,617.37 USD."

In fact, this whale behavior is common during bullfights, as evidenced by blockchain data covering peaks from previous cycles.

"In my opinion, whales and big players generally protect their Bitcoins by transferring to derivatives exchanges and by taking short positions when they buy a large amount of BTC at minimum prices," said a contributor to on-chain analytics firm CryptoQuant. explained Tuesday.

"This pattern is obvious during the last bullrun (2017) when the indicator All trades to derivatives exchanges peaked many times and the price experienced a jump after each time. At this time, during the Bullrun, the metric has peaked four times indicating that whales are continually buying and hedging their coins. "

This, the post summarized, is a "long-term bullish signal" for price action.

Bitcoin price action remains conservative

As Cointelegraph reported, long-term holders have started to net reduce their BTC holdings as of this month.

Related: Record Whale Buildup Precipitated Bitcoin's Latest Historic Breakout

In what is known as "distribution", the phenomenon has historically accompanied the most voracious phase of bullish price action, as witnessed from November last year.

Meanwhile, the large buyer volume of $ 62,000 was not enough to prevent a retest the lower levels Tuesday, contrary to the expectations of Whalemap, a dedicated tool for monitoring whale activity.