The voracious whales, which took action during the strong decline of Bitcoin (BTC), accumulated $ 1.5 billion.
Short-term tides in the cryptocurrency market do not affect whales. Crypto analytics firm IntoTheBlock stated that wallets holding at least 0.1 percent of the Bitcoin supply made $1.5 billion in purchases in the last two weeks of August. The whales, who have strongly increased the BTC stash, seem to be voracious despite the declines.
Whales benefited from the decline
The crypto market, which usually moves in parallel with the news feeds, upsets many investors. However, whales continue their moves by looking at it from a broad perspective. According to IntoTheBlock records, BTC’s biggest whales (with more than $500 million in assets) made $1.5 billion in purchases. This buildup of whales came at a time of ETF-driven declines.
Lucas Outumuro, head of research at IntoTheBlock, pointed out that this increase comes at a time when money inflows into the crypto market is almost non-existent. Outumuro argued that the whales did not see this move as a focus on the futures side and reflected as a purely organic purchase.
The whales’ move to buy came as the BTC price hit a two-month low. But it stopped after Grayscale’s court decision. IntoTheBlock data revealed that whales were craving when BTC fell to $26,000.
