Fear Rise in Crypto Market With Unusual Bitcoin Whale Behaviour

Bitcoin (BTC) worth millions of dollars is suddenly being purchased by a crypto whale.In early Q4, 2022, Bitcoin, like all the other major cryptocurrencies, failed to end its recession.

Some whales, though, are certain that dips are for purchase and the statistics of an unusual address on the Bitcoin network were revealed by anonymous Bitcoin analyst and investor @Capital15C on Twitter.

The unknown address began making a lot of aggressive purchases of digital gold on September 17, 2022. They typically purchase BTC for 100–200 coins. But now it has a net balance of 26,280 BTC instead of 21,799 BTC.

The USD balance of this wallet exceeded $500 million in less than three weeks. Despite the largest cryptocurrency’s dismal performance, it reached a local top of more than $521 million two days ago.

Commentators on @Capital15C are speculating as to whether this is the wallet of a very wealthy private holder or the vault of a neobank that supports bitcoin. The sentiment surrounding Bitcoin is still far from bullish. Its “Fear and Greed” index has been in the Extreme Fear zone since September 15, 2022.

Technicals support Whale-Accumulation Theory

The Bitcoin whales, defined as wallet addresses holding between 100 BTC and 10,000 BTC, have increased their holdings by a total of 46,173 BTC since September 27, according to statistics from the cryptocurrency analytics site Santiment.

Santiment described the growth as a “sustained accumulation” by whales in a tweet earlier this week and said that this has been “rare in 2022.” The company continued by pointing out that while significant holdings of the stablecoin Tether (USDT) have decreased, BTC holdings have increased.

In the cryptocurrency ecosystem, it is commonly accepted that significant inflows of fiat money into Bitcoin and other cryptocurrencies are required for a new bull market to take root in a long-lasting manner.

Was this writing helpful?

This news is republished from another source. You can check the original article here.

Be the first to comment

Leave a Reply

Your email address will not be published.