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Whales took advantage of the correction and start buying BTC
Aug 7, 2020 Forex News
Researchers from the CryptoQuant team drew attention to the next activation of large investors or the so-called "Bitcoin whales".
At the end of last week, when the price of BTC fell from $12000 to $11000, the "whales" seized the moment and increased their reserves in cryptocurrency. After that, from crypto-exchanges, they withdrew about 100,000 bitcoins worth up to $1,2 billion.
Last Saturday, August 1, there were approximately 2.49 million BTC on the exchanges. At the beginning of this week, the balance on trading platforms decreased to 2.39 million coins ($28 billion). This is the lowest volume in the CryptoQuant team recording.
Analyst Cole Garner tweeted that the increase in bitcoin outflow from exchanges is a very good signal. The Whales are optimistic, so they switch to the long-term holding of cryptocurrency. This strategy sets the stage for further market growth.
An increase in the outflow of cryptocurrency from exchanges was previously reported by analysts of the Glassnode platform. At the end of July, they published data from which it follows that in the second quarter of 2020, the total outflow of Bitcoins from trading platforms more than doubled.
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