Whales of Bitcoin buy more of the cryptocurrency

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Whales of Bitcoin buy more of the cryptocurrency

While many people might think that the recent market correction is a good reason not to invest in any of the cryptocurrencies, the recent Bitcoins whales have taken advantage of the dip to buy $2 billion worth of the flagship digital asset.

Despite the dip in Bitcoins, whales buy more BTC.

When the price of the asset dropped to around $56,000 last week, a data shared by Santiment showed that wallet addresses holding between 100 to 10,000 units ofBitcoin, commonly referred to as Whales, accumulated over 40,000 units ofBitcoin. The current price of the asset is estimated to be around $2.2 billion spent on purchasing new units of the digital gold.

In another report, Santiment said that the whales ofBTC have been moving their holdings away from the exchanges of criptocurrencies. Market experts say that this action is positive for the industry as investors are looking to hodl their asset rather than sell it in the short term.

This usually leads to a decline in the selling pressure on the asset, leading to a drop in the sell-off.

The current sentiment about BTC is bearish, according to the site. The analytics site determines whether investors are bullish about a coin or a digital asset, using a social sentiment tracker that analyzes the social commentary on the digital assets. In the last two months, investors have been at their most bearish level, judging by the current sentiments around BTC.

We reported yesterday that a leading US investment bank, Morgan Stanley, increased its exposure toBitcoin despite the declining value of the asset. The data shows that the third-largest Bitcoin whales address is one of the whales that have capitalized on the price crash, as it acquired over 6000 BTCs in the last week.