Bitcoin (Bitcoin) As the data shows classic bull market behavior, the price of whales is close to $60,000.
According to the on-chain monitoring resources on November 16, third biggest The Bitcoin Whale address increased its holdings by 207 BTC.
Whales buy cheap
Despite a 8% drop in the past 24 hours, Bitcoin remains a reliable buying point for its largest investors.
For an address, it is now the third largest address, with a balance of 193433.46915660 BTC, which increases its balance by US$12.84 million at a price of US$62,053 per bitcoin.
“As of now, this address has increased its holdings by 635 BTC in November,” reporter Colin Wu famous In the comments on the event.
“The current balance of this address is 108,528.56 BTC, and the unrealized income is 4,632,109,617.37 US dollars.”
In fact, this kind of whale behavior is very common during the bull market, as evidenced by the fact that blockchain data covers the peak of the previous cycle.
“In my opinion, whales and big players usually hedge their Bitcoin by moving to derivatives exchanges and buying a large amount of BTC at the bottom of the price to take short positions,” a writer for on-chain analytics firm CryptoQuant explain Tuesday.
“This pattern was obvious during the last bull market (2017). At that time, the indicators from all exchanges to derivatives exchanges reached their peaks many times, and the price rose after each time. At present, during the bull market, the indicator has reached four peaks. Reaching the peak this time, it shows that the whales are constantly buying and hedging their coins.”
The post concluded that this is a “long-term bullish signal” for price movements.
Bitcoin price movements remain conservative
As Cointelegraph Report, Starting this month, long-term holders have begun to reduce their BTC holdings.
In the so-called “distribution”, this phenomenon has historically been accompanied by the most greedy phase of bullish price action, as witnessed since November last year.
At the same time, the large number of buyers at $62,000 is not enough to stop Retest the lower level On Tuesday, contrary to expectations of Whalemap, a special tool for monitoring whale activity.
-Whale map (@whale_map) November 15, 2021