Whales Keep Buying Bitcoin, What They Might Know That You Don’t
The Bitcoin price took a major hit yesterday despite a positive surprise in the US Consumer Price Index (CPI), following a rumor that the US government sold 9,800 BTC related to Silk Road. Since then, the market has stru...
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Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
The Bitcoin price took a major hit yesterday despite a positive surprise in the US Consumer Price Index (CPI), following a rumor that the US government sold 9,800 BTC related to Silk Road. Since then, the market has struggled to recover from the shock.
However, one group of investors is showing no fear: whales. The big investors with a lot of money are considered one of the most reliable indicators of when is a good time to buy Bitcoin. On-Chain analyst Axel Adler stated, “BTC Accumulation and Distribution – no changes. Large players continue to buy BTC from smaller players.”
The chart below shows that investors with more than 5,000 BTC have been buying large amounts (alongside smaller investors
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This bitcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
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