Forex and Crypto News

"Whales" activated after Bitcoin fell below $9500

16:36 26 May /2020

Researchers from the Santiment team recorded a surge in the activity of large holders of cryptocurrency or the so-called “whales” after Bitcoin fell below $9500.

The decrease in the price of the Bitcoin below this level occurred on May 20, after which there was an increase in the investment of large investors in BTC. The purchases of the largest cryptocurrency have increased by the owners of wallets containing more than 100 coins.

Analysts found that the addresses of the “whales” grew by 12000 bitcoins, which is equivalent to about $108 million at the current BTC rate.

The behavior of such large investors is a kind of indicator of future changes in market sentiment. Activation of “whales” often leads to a short-term increase in volatility.

If the number of coins in their wallets grows, then the market will strengthen, observers predict. But if the “whales” begin to get rid of coins, this signals an imminent transition to a “bearish” trend.

Researchers emphasized that the “whales” took advantage of the March collapse of Bitcoin and began to buy coins at a lower cost. It was they who subsequently made one of the key contributions to strengthening BTC in April-May

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