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The whales win again

May 31, 2021 Forex News

Last week, Chainalysis conducted a new study after it recorded a surge in the activity of large holders of cryptocurrencies, the so-called whales.

According to research, due to the fall in the price of Bitcoin, large holders have managed to significantly increase their reserves. Over the past week, large holders acquired 77,000 BTC, which is the equivalent of $3 billion at the moment. We remind you that from May 10, the price of Bitcoin began to gradually fall, and today Bitcoin is trading in the area of $37000.

According to the research, the whales bought the most Bitcoins on May 23rd. It was on this day that the price of Bitcoin dropped to $31107 on the Bitstamp platform. On some platforms, the price of Bitcoin reached $30000.

The greatest activity among whales was observed when the price of Bitcoin was trading in the range of 30,000-35,000. Thus, large holders have benefited significantly from the fall in the crypto market in May. At the same time, according to the research, market newcomers suffered the largest losses. 1,2 million BTC were sold at a loss of 5% to 25%. 10% of this amount of Bitcoins were sold with a 25% loss.

Also, according to the study, within 7 days, $3,2 billion worth of Bitcoins were sold. However, these coins have been purchased over the past 13 weeks.

Research by Chainalysis is corroborated by research by Santiment. It also states that in the past week, the largest accumulation of Bitcoins was recorded on wallets containing between 100 and 10,000 Bitcoins.