The cryptocurrency industry has continued to attract more attention, especially from institutional investors. Bitcoin has been in an upward trend over the past few weeks. But the rally seems to have come to an abrupt halt for the time being.
While some traders would be looking to sell and take profit, a particular Bitcoin whale had something else in mind.
Another massive purchase was recorded today, as the third-largest Bitcoin whale bought $99 million worth of Bitcoin (BTC) when the price of the token dipped below $60,000.
The Whale Bought 2,977 BTC In 5 Days
BTC has fallen to below $60,000 after rising to an all-time high of $68,000 in the past week. the latest addition means the whale has raked in a total of 2,977 BTC in the last 5 days.
Despite the 11% fall of BTC over the past week, the crypto asset remains a very lucrative option for investors. This whale has been one of the most active institutional investors in the market for a while. It had been acquiring BTC for the past few weeks but decided to sell off about 1,500 BTC when the token nearly reached its ATH. But it seems the buying spree has continued as BTC losses some of its value.
Bitcoin Holders Still Hold Strong To Their Coins
Top market players still keep their coins despite the recent retracement of the world’s most valuable cryptocurrency.
Apart from a few deviations, the overall market sentiment has been the same for the past few weeks. Many investors still want to “hodl”, hoping that the small BTC slide will only be temporary.
Historically, whenever major players start accumulating BTC, it usually leads to a surge in the crypto asset. It will be interesting to see whether this trend will continue or if the bear market will continue for a longer time.
Your capital is at risk.