Whales Are Buying Bitcoin Under $50k – Here’s Why
With so much uncertainty in the market right now, are we going up from here, is it a bull trap, instead of me adding to the tumultuous amounts of opinions out there on what’s happening in the market, let’s look at what whales are actually doing. Aka the super rich. Are they accumulating, are they selling? Let’s find out… The Bitcoin miners as we know have not been good to us recently, at all. Selling massive amounts of their inventory for the past 2 months straight. They’re not great at timing the market, that’s clearly what they thought they were doing here. Coordinated miner selling has strong evidence of impacting the market quite severely. But recently they switched to a bit of accumulation. This is a massive 180 on their part and is a very bullish sign. There is this 1 little red dot though, so they’ve sold a small amount at current price levels. I am assuming they are neither strongly bullish nor bearish in the current market conditions. So I’m chalking this one up to = primarily bullish, but with a small amount of uncertainty. For the past year, Bitcoin wallets containing anywhere between 1,000 and 10,000 Bitcoin in them have been in a very strong uptrend. Hence David Attenborough stating it was whale breeding season, he was bang on the money, but it has now seemingly stopped. The amount of whales being produced has seen a sharp decline. We can infer then that whales are not accumulating at these price levels, bearish sign. We’ve seen another reversal to the rapid decline of Bitcoin whale wallets. So they have been accumulating on this dip below $50k, although tentatively. Much like the miners, they too seem to be a little hesitant. Next up, institutions. Are they accumulating right now? According to data from CryptoQuant tracking the amount of Bitcoin being transferred out of Coinbase Pro wallets. There has been strong accumulation below $50k. Twitter may be buying Bitcoin also.
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Disclaimer: I am not a financial adviser and this is not financial advice.
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