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Glassnode: Bitcoin Whales Bought Monday’s Price Dip

Summary:
After opening day trading above ,100, Bitcoin (BTC) suffered heavy losses on January 11. As a result, the price of Bitcoin plummeted to ,244 on Bitstamp. However, the drop in prices quickly attracted buyers. Today, January 12, Bitcoin has managed to recover a little after yesterday’s fall. At around 20:11 GMT, Bitcoin is trading in the region of ,300. Bitcoin whales kept accumulating amid the recent drop According to data from Glassnode, Bitcoin whales did not succumb to panic during Monday’s BTC price drop but accumulated the cryptocurrency. The number of addresses holding more than 1,000 bitcoins rose to a new record of 2,140 as the cryptocurrency nosedived from ,250 to ,244 and the liquidation of positions in the derivatives market by .49 billion. The volume

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After opening day trading above $38,100, Bitcoin (BTC) suffered heavy losses on January 11. As a result, the price of Bitcoin plummeted to $31,244 on Bitstamp. However, the drop in prices quickly attracted buyers.

Today, January 12, Bitcoin has managed to recover a little after yesterday’s fall. At around 20:11 GMT, Bitcoin is trading in the region of $34,300.

Glassnode: Bitcoin Whales Bought Monday’s Price Dip

Bitcoin whales kept accumulating amid the recent drop

According to data from Glassnode, Bitcoin whales did not succumb to panic during Monday’s BTC price drop but accumulated the cryptocurrency.

The number of addresses holding more than 1,000 bitcoins rose to a new record of 2,140 as the cryptocurrency nosedived from $38,250 to $31,244 and the liquidation of positions in the derivatives market by $1.49 billion. The volume of exchange trades on Monday exceeded the peak levels of 2017.

Glassnode: Bitcoin Whales Bought Monday’s Price Dip

Source: Glassnode

The increased number of Bitcoin whales in such circumstances indicates the confidence of large investors in the short-term nature of the correction. In previous bullish cycles, gains were often accompanied by pullbacks of 20% or more. The ongoing bull market is fueled by institutional investors and this is in contrast to the 2017 situation when it was driven by a retail craze.

According to Glassnode, the number of whales has grown by 25% over the past year. In particular, the indicator has increased by 200 addresses over the past two weeks.

Moreover, during the recent correction, the number of addresses holding less than 0.01 BTC decreased slightly from 8.54 million to 8.53 million. This indicates the withdrawal of some retail investors from the market.

According to the technical director of Glassnode, Rafael Schulze-Kraft, a short-term pullback in prices should not affect confidence in Bitcoin’s long-term growth. The expert believes that new highs in a number of fundamental indicators keep the signal to hold coins.

In early December, Rafael Schulze-Kraft suggested that the price of one bitcoin could rise above $200,000.

Also, analysts from the American bank JPMorgan Chase & Co earlier predicted that Bitcoin price will surpass the $146,000 mark only with the high activity of institutional investors.

If you have any questions and comments on Bitcoin today, use the form below to reply.


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