September 29, 2020

Bitcoin whales took advantage of the drop in the rate to buy BTC

Bitcoin whales took advantage of the drop in the rate to buy BTC

Analysis of network activity shows that the largest players in the industry, known as "whales", have withdrawn from hibernation causing a sharp increase in the number of bitcoin transactions.

OKEx Crypto Exchange Analysts Teamed Up Withexperts from blockchain company Catallact to study the behavior of large investors this year. The research results show that the whales came to life between May and July, when the number of BTC transactions increased from 5,000 to 10,000, and the price of bitcoin strengthened by about $ 10,000.

"This upward trend means that institutions and / or big players were accumulating BTC as economic stimulus measures from central banks stimulated the purchase of hard assets."

The crypto exchange team sees two reasons for the increase in whale activity.

The first is that one or morecryptocurrency exchanges have been moving coins to multiple wallets for security purposes. OKEx also suggests that large institutional organizations and whales were operating in cryptocurrency because of the volatility that accompanied the rise to $ 10,000.

Bitcoin whales took advantage of the drop in the rate to buy BTC

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It is likely that the number of transactions was affected by the high-profile investments of macroinvestor Paul Tudor Jones, whose example was followed by several large companies.

In addition, OKEx believes that retail investors were shocked by the collapse of the crypto market in March this year, but the whales took advantage of this moment to buy from the bottom.

Bitcoin whales took advantage of the drop in the rate to buy BTC

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