The recent fall in the price of bitcoin was the result of the rise of large investors or so-called "cryptocytes."
BTC, after breaking above $ 19,000, unexpectedly dropped below $ 17,000 at the end of last week. However, there was no more significant decline in the value of the digital currency.
Support intensified at a time when risks of a more significant pullback appeared. On Monday night, November 30, the bitcoin rate rose to $ 18,000.
Analysts from the Santiment team believe that players holding 1,000 or more bitcoins were the key drivers of the coin's price drop.
Their report says that 11 large investors sold their BTC when the cryptocurrency was trading at $ 19,300. By selling their coins, these whales emerged from the camp of 1000 or more bitcoins.
? $ BTC whales with 1,000 or more coins held(currently $ 16.7M or more) sold off nearly immediately after the $ 19.3k price top two days ago. 11 of these whales actually sold off enough to no longer be in this 1,000+ coin category, just as prices peaked. https://t.co/v16fnvbE6m https://t.co/XwDKvzZN5q pic.twitter.com/vkgMCx7qZT
- Santiment (@santimentfeed) November 27, 2020
IntoTheBlock analysts came to the same conclusion. According to their data published on Twitter, before the fall in the value of BTC, "whales" were sending large batches of cryptocurrency to exchanges.
Whales have been moving $ BTC into exchanges. # Bitcoin has faced a steep correction since Wednesday’s highs of $ 19,600
This drop started as soon as whales began to deposit BTC to exchanges. More than 93 thousand Bitcoin's were deposited into centralized exchanges. pic.twitter.com/ntq1yIlDeV
- intotheblock (@intotheblock) November 27, 2020
As a result, the centralized platforms hadplaced 93,000 bitcoins. After that, a negative correction began on the crypto market, when, after BTC, almost all the largest altcoins suffered losses.</p></p>