Bitcoin (BTC) whales are back in the game for around $ 60k as the data shows classic bull market behavior.
According to network monitoring resources, on November 16, the third largest Bitcoin whale address increased its holdings by 207 BTC.
Whales buy diving
Despite a decline of 8% in the last 24 hours, Bitcoin is still a safe buy for the largest investors.
As for one address, which is currently the third largest with a balance of 19 3433.4691560 BTC, it added $ 12.84 million to the balance at a price of $ 62,053 per bitcoin.
“As of now, this address has increased its holdings by 635 BTC in November,” said journalist Colin Wu in a comment on the event.
“The current balance at this address is 108,528.56 BTC, and the unrealized income is 4,632,109,611.37 US dollars.”
This whale’s behavior is actually a common occurrence during bull runs, as evidenced by blockchain data covering the peaks in the previous cycle.
“In my opinion, whales and large players usually secure their bitcoins by going to derivatives exchanges and going short when buying large amounts of BTC at the lowest price,” a shareholder from the analyst firm CryptoQuant explained on Tuesday.
“This pattern was evident during the last bull run (2017), when the All Exchanges to Derivative Exchange Index peaked several times and the price jumped each time. Currently, during Bullrun, the indicator tops four times, indicating that whales buy minerals for the coins. their and secures them at all times.
Thus, this is a “long-term bullish signal” for price movement.
The Bitcoin price movement is still conservative
As Cointelegraph reported, long-term contract holders began cutting their bitcoin nets from this month.
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In the so-called “distribution”, this phenomenon has historically followed the most ominous phase of bullish price movements, which we saw in early November last year.
Meanwhile, the large volume of buyers of $ 62,000 was not enough to prevent a retest of lower levels on Tuesday, contrary to expectations from Whalemap, a tool designed to monitor whale activity.