Eager whales, who took action during the period when Bitcoin (BTC) experienced a strong decline, accumulated $1.5 billion.
Short-term ebbs and flows in the cryptocurrency market do not affect whales. Crypto analysis company IntoTheBlock stated that wallets holding at least 0.1 percent of the Bitcoin supply made $1.5 billion purchases in the last two weeks of August. Whales, who have strongly increased their BTC stash, seem to be hungry despite the declines.
Whales benefit from decline
The crypto market, which usually moves in parallel with the news flows, upsets many investors. However, whales continue their moves from a broader perspective. According to IntoTheBlock records, BTC’s biggest whales (with assets of more than $500 million) made $1.5 billion in purchases. This accumulation of whales came during a period of ETF-driven declines.
Lucas Outumuro, head of research at IntoTheBlock, pointed out that this increase came at a time when there was almost no inflow of money into the crypto market. Outumuro claimed that he did not see this move by the whales as a concentration on the futures side and that it was reflected as a completely organic purchase.
The whales’ buying move came as the BTC price hit a two-month low. But it stopped after Grayscale’s court decision. IntoTheBlock data revealed that whales were hungry during the period when BTC dropped to 26 thousand dollars.
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