Buy The Dip? Whales Add $1.2 Bln Bitcoin As Price Falls Below $30K

Bitcoin whales saw the token’s latest dip as another buying opportunity, with chain data showing at least $1.2 billion BTC was accumulated as the token sank below $30,000 again.

The Global crypto market has decreased by 3% in the last 24 hours. The king of cryptocurrency, Bitcoin (BTC) is also trading down by 3% in the same period. The whales might have seized the opportunity to buy the dip in the middle of the shaky market conditions.

BTC whale address hits 21 month low

According to the whale Alert, over 43,600 Bitcoins have been added by whales in multiple transactions in the last 24 hours. In a bid to buy the dip, the three different transactions of whales buying 9.6K Bitcoins were recorded by the tracker.

More than $1.1 Billion worth of BTCs was transferred from Coinbase to different unknown wallets simultaneously. This trend easily suggests that Whales are now confident that they might see a much dip ahead in the price. While it is still a cheap buy looking at the all time high of the Token. The global crypto market is valued at $1.25 trillion, at the press time, which is more than 50% low compared to its November 2021 high of $3 trillion.

As per Glassnode, the number of Bitcoin whales number has reached a 21 month low of 1,761. The last low was recorded on 21 September 2020.

BTC records $1.6 Billion of inflow in 24 hours

The Bitcoin is trading at an average price of $29,257, at the press time. Yesterday, saw a broad market recovery, still, BTC is down by over 18% in the past 7 days. Bitcoin dominance stands at 44.52%. However, its total market has shrunk to $557 Billion. However, its 24 hour trading volume is also down by 34% at $34.2 Billion.

According to Glassnode, the daily on-chain exchange flow show that around $1.6 Billion have flown into the Bitcoin over the 24 hours. While over $1.5 Billion has gone out of the BTC at the same time. The Net Flow stands at an increase of $73.5 Million.

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Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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