Bitcoin Whale Buys 1,000 BTC at a Price Still Considered a Discount

As the price of Bitcoin plunged to $56k, Bitcoin whales purchased as much as 59,000 BTCs in the span of a week.

A spectacular start to November, which saw Bitcoin peak at $68,789, came to an abrupt end on November 10. In the last 18 days, Bitcoin has dropped by more than 17% and now trades under $57k.

Although Bitcoin has underperformed in the market, investors have continued accumulating Bitcoin. This is evident by the increasing institutional inflow and the growing number of wallet addresses holding Bitcoin.

As the price of Bitcoin plunged to $56k, Bitcoin whales purchased as much as 59,000 BTCs in the span of a week. 

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The third-largest Bitcoin whale joined the trend, purchasing nearly 1,000 BTC in 48 hours when Bitcoin traded between $59,250 to $54,000. This is the 11th purchase on the whale’s wallet address this month, which now holds a total of 114,999 BTC.

On The Flipside

  • While long-term holders have continued to hold and increase their positions, short-term BTC holders have liquidated more significant BTC portions.

Data from Glassnode shows that the current price of Bitcoin is still considered a discount. Hence, the huge accumulation of BTC by whales.

The Bitcoin Long-term holder net position change. Source: Glassnode

From the data, there is a higher purchase of Bitcoin by whales around the prices of $52k and $58k. At this time, the $50k+ range may be the lowest accumulation point or price floor for BTC whales.

Why You Should Care?

The actions of Bitcoin whales debunks the myth that Bitcoin is on a long-term slide, giving Bitcoin-believers the hope that it won’t be long until another bullish outbreak

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia