almost 3 years ago • 1 min
Bitcoin has had a tough week, dropping more than 20% in the past seven days despite a small rebound on Thursday.
But data from Chainalysis suggests that so-called bitcoin whales – dollar millionaires with well-stuffed crypto wallets – have used the decline to top up their holdings of the OG cryptocurrency.
The chart above shows trading activity from these whales, defined as investors who have bought at least 1,000 bitcoin since the start of 2017 and kept at least three-quarters of them.
The buying on Wednesday May 19th as bitcoin plunged as low as $30,000 (shown in red) was greater than equivalent periods in similar sell-offs in March 2020 (shown in yellow) and December 2017 (shown in pink).
As the price settles around $40,000, we’ll have to wait and see if these whales made a wise choice in doubling-down on bitcoin.
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