Bitcoin whales bought 50,000 BTC for correction

In ten days, the whales replenished their Bitcoin reserves by 50,000 BTC, taking advantage of the decline in the cryptocurrency rate

Large Bitcoin holders are accumulating cryptocurrency again. This is the conclusion reached by analysts at Santiment. A sample of on-chain indicators showed that in the period from April 14 to May 23, the volume of addresses with a balance of 100-10,000 BTC decreased by 130,000 BTC. This move coincided with the fall in the bitcoin rate.

Source: santiment.net

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However, Santiment also noticed that over the past ten days, the balances of these wallets have increased by 50,000 BTC. At the current exchange rate ($ 36,094), this volume is $ 1.8 billion.

Read also: Bitcoin whales bought BTC on a drawdown to local lows

Meanwhile, the analytical service WhaleMap notes that the last time large purchases occurred at the level of $ 38,540. The smallest threshold at which large players were purchased was $ 34,688.

Source: twitter.com

At the same time, according to WhaleMap, after the breakthrough of $ 36,000, the new support level for bitcoin will become $ 33,000. Moreover, if the cryptocurrency recovers to $ 40,000, then $ 38,000 will limit subsequent rollbacks.

At the same time, the Poolin pool miners are actively withdrawing cryptocurrency from their accounts. The latest daily withdrawal was the largest since the beginning of the year, but it is not known where these bitcoins will go. Also, there is no evidence that this activity of miners correlates with the correction of bitcoin to $ 36,600. Why whales are accumulating XRP despite the conflict between the US Securities and Exchange Commission and Ripple – read the special material BeInCrypto.

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