Bitcoin (BTC) whales are back in the game at nearly $ 60,000 as the data shows classic bull market behavior.
According to on-chain monitoring resources as of Nov. 16, the third largest Bitcoin whale address has increased its holdings to 207 BTC.
Whale buys soaking water
Even though Bitcoin is down 8% in the past 24 hours, Bitcoin remains solid buying power for its biggest investors.
For an address currently the third largest with a balance of 193433.46915660 BTC, she added the equivalent of $ 12.84 million to her balance at a price of $ 62,053 per bitcoin.
“So far, this address has increased its holdings to 635 BTC in November,” said journalist Colin Wu. Note in event comments.
“The current balance of this address is 108,528.56 BTC and the unrealized revenue is $ 4,632,109,617.37.”
Such whale behavior is actually common on bull runs, as evidenced by blockchain data including previous cyclical highs.
“In my opinion, whalers and big players often protect their Bitcoin by turning to derivatives exchanges and taking short positions when buying large amounts of BTC when the price has bottomed out,” explained a staff member at the online string Analysis company CryptoQuant on Tuesday.
“This pattern was evident during the last Bull Run (2017) when the All Derivatives Index peaked several times and the price soared after each one. Now, during the bullrun, the index has peaked four times, showing that whales are continuously buying and hedging their money. “
This is a “long-term bullish sign” of price action.
Bitcoin price action remains cautious
As Cointelegraph reported, long-term owners have started reducing their net BTC holdings since this month.
Related: The accumulation of whale records puts the latest Bitcoin breakthrough at an all-time high
In the so-called “payout”, this phenomenon was historically accompanied by the worst phase of bullish price movements, which was observed at the beginning of November last year.
Meanwhile, the massive $ 62,000 buyers volume was insufficient to prevent a retest of lower levels on Tuesday, contrary to expectations from Whalemap, a specialized tool used to track whale activity.
– Whale map (@whale_map) November 15, 2021