Bitcoin Whales Accumulated $3.4 Billion During The Market Crash
According to the analytics company Santiment, Bitcoin (BTC) whales were playing the latest crypto market correction “to perfection.”
Santiment tweeted interesting findings showing that Bitcoin whales bought $3,405,790,900 worth of BTC during its latest dip below $43.5K. Even more interestingly, they sold the same amount before the dump.
“Bitcoin has recovered back to $50.1k Monday, and whale traders played the dip to perfection. Beginning during the dump to $43.5k, addresses holding 100 to 10k BTC have accumulated 67k more BTC after dumping the same amount before the price drop.”
? #Bitcoin has recovered back to $50.1k Monday, and whale traders played the dip to perfection. Beginning during the dump to $43.5k, addresses holding 100 to 10k $BTC have accumulated 67k more $BTC after dumping the same amount before the price drop. https://t.co/TcTSKBy2v7pic.twitter.com/JxZL7nGVwR
At the time of writing, BTC is trading at $50,713, a 16.6% increase from $43,500.
Regardless of the volatility, the analytics firm points to the bigger picture: Bitcoin is up massively from two years ago, heavily outperforming any other asset class over that period of time.
“Bitcoin is back at $48.2k, and its price is still +563% compared to where it was two years ago ($7.4k).
This chart shows the progress of BTC, compared to the SP500 (+44%) & gold (+22%), indicating each sector’s highs and lows over this timeframe.”
? #Bitcoin is back at $48.2k, and its price is still +563% compared to where it was 2 years ago ($7.4k). This chart shows the progress of $BTC, compared to the #SP500 (+44%) & gold (+22%), indicating each sector's highs and lows over this timeframe. https://t.co/ae7cWVf2Adpic.twitter.com/t5bXEWXetE
According to Santiment, its market screener ‘Strong and Oversold’ shows that Bitcoin and other digital assets, such as XRP, Shiba Inu (SHIB) and Litecoin (LTC) have plenty of room to move up.
“Our ‘Strong and Oversold’ screener indicates some assets are showing signs of having suppressed prices compared to their fundamentals.
Our requirements for this list include high market cap, volume, and address activity.”
