Bitcoin Whales Continue To Buy BTC
Despite Bitcoin’s recent price action, whales continue to buy and hold BTC. Large investors are buying Bitcoin every single day and increasing their positions despite the current uncertainty in the market. Indeed, there is a Bitcoin whale that is allocating $1 million worth of Bitcoin every single day. This shows that these investors remain bullish about the future of BTC.
Bitcoin Whales Buy BTC
Bitcoin’s recent price action does not necessarily show what large investors and holders are currently doing. These large Bitcoin whales are purchasing Bitcoin on a daily basis without caring about the price or Bitcoin’s performance in the market. They just simply purchase more coins every day.
As reported by BitInfocharts, there is a Bitcoin whale that is buying $1 million worth of Bitcoin on a daily basis. Every single day he purchases close to 25 BTC and adds these funds to his wallet. These purchases do not take into consideration price fluctuations in the market.
This has been noted by the Cryptocurrency enthusiast C15Capital on Twitter (@Capital15C).
This whale has been buying Bitcoin for a long period of time. Indeed, since February that this investor continues to add more BTC to his Bitcoin reserves. At the time of writing, he had more than 9,700 BTC. At current prices, this is equal to $412.5 million.
Nonetheless, this investor could be a cryptocurrency exchange or a simple intermediary that is buying and selling virtual currencies to other traders. Therefore, we might not be talking about a single investor, but instead, we could be talking about an exchange or a large company
It is worth pointing out that Bitcoin has fallen from $44,500 to $42,000 a few hours ago. Now, the price of the largest virtual currency has stabilized at around $42,500. Nevertheless, uncertainty remains in the market and investors are paying close attention to what Bitcoin could do in the coming weeks and months.
Another thing that we should take into account is that $43,000 seems to be an area of strong resistance. This is very important as it could have an impact on Bitcoin in the near future if the coin starts moving higher once again.
At the moment, Bitcoin’s price trend is not clear and we don’t have large hints of what could happen in the coming months with Bitcoin. One thing is clear, if adoption continues around the world, demand will eventually surpass the offer and we should see Bitcoin’s price moving higher once again.