A by Chain analysis shows that whales acquired $3 billion worth of Bitcoin last week. According to Chain analysis chief economist, Philip Gradwell whales purchased a total of 77,000 Bitcoins within the week, at a time when Bitcoin saw a huge decline. The king coin fell from $49,000 to a low of $30,000. During the plunge, $3.3 million was liquidated within an hour.
On the other hand, some traders, asset managers, and hedge funds decided to buy the dip when Bitcoin traded around $30,000. “Buying the dip” is used to describe purchasing Bitcoin when prices have dipped in anticipation of profits when the price rises again.
Gradwell added that the price drop led to the loss of some Bitcoins being moved on-chain. He added that 1.2 million Bitcoins were moved at a loss of 5-25%. He also said that 120,000 Bitcoins were sent at a minimum of 25% loss. Gradwell continued:
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