While Broader Crypto Market Holds Its Collective Breath, Whales Are Loading Up On Bitcoin
September 17 2021 - 7:00PM
NEWSBTC
Bitcoin, likewise other cryptos, have had a hard seven days. So
investors across the crypto have understandably been wary of the
market and any investments at this point. This has played out in
the way the digital assets have done in the market. Various dips
have put the market into what looks like a long-suffering form. But
while most investors hold their breaths in wait for what happens
next, whales are on the move with their bitcoin investments. Whales
Gearing Up For Next Bitcoin Rally Whales have been known to move
large amounts of cryptocurrencies across wallets. These happen both
in times of bull and bear markets. One thing that metrics have
shown recently is that whales are using the current price crashes
as a buying opportunity. Movements from BTC wallets holding around
100 to 10,000 bitcoins, otherwise known as whales, show that these
investors are completely unfazed by current market trends. Related
Reading | How Shrinking Short-Term Supply Of Bitcoin Is
Affecting The Asset’s Price Data shows that wallets with at least
100 to 10,000 BTC have been increasing their holdings in the last
couple of days. These whales have now accumulated over $2.9 billion
worth of bitcoin since the week began. Following the price crash
that happened on September 7th, the market entered into a period of
low momentum. Price remained around the $45K to $47K, with not much
in the way of movements either way. Presenting a perfect
opportunity for big-time investors to fill up their bags. BTC price
trading in the mid-$47K range | Source: BTCUSD on TradingView.com
Another interesting metric is the spending rate of the whale
wallets. On-chain analysis shows that these wallets are not doing
much in the way of spending their bitcoins. Rather, the assets held
in the wallets have remained in their position. Usually only moving
in what looks to be the investors or entities moving their coins to
other personal wallets. In short, the whales are accumulating and
they do not plan to sell anytime soon. Market Sentiment Turns To
Neutral The market crash last week saw market sentiment do a
complete 180. The Fear & Greed Index the week before had shown
increasing positive sentiment amongst investors, when the index had
moved from greed into extreme greed. This put the market under
immense buy pressure the week leading up to one of the biggest news
of bitcoin adoption; the sovereign nation of El Salvador making BTC
a legal tender. Related Reading | New To Bitcoin? Learn To
Trade Crypto With The NewsBTC Trading Course The market, however,
did not respond the way it was expected to on the day the law
became official. Instead of triggering a continuation of the bull
run the market had been in, BTC had lost over 17% of its value in a
flash crash. The Fear & Greed Index promptly moved into the
fear region after the crash, where it stayed for the rest of the
week. Fear & Greed Index moves into neutral | Source: Fear
& Greed Index on Alternative.me Now, though, the index has
moved into neutral. Gaining 7 points from last week’s Fear 46 to
put it in a neutral spot. Although the index shows a drop of five
points between yesterday and today. Showing that the index is
slowing sliding back into neutral, given that market sentiment is
still greatly skewed towards the negative. Featured image from
Pinterest, charts from TradingView.com and alternative.me
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