The new DEFI platform enters the market! Earn passively - token sale 0.25 $ I'm going in!

Bitcoin bargain: the 3rd largest whale address adds 207 BTC for $62K

3 min reading

As per research, whales are behaving likewise to the 2017 bull market as Bitcoin price action takes a quick break.

Bitcoin (BTC) whales have restored in the game, and around $60,000, demonstrating classic bull market behaviour.

On November 16, the third-largest Bitcoin whale address elevated its holdings by 207 BTC, as per on-chain monitoring resources.

Whales purchase the dip

Even after an 8% decrease in the last 24 hours, Bitcoin continues to remain a decent buy for its biggest investors.

At $62,053 per Bitcoin, one address, now the third-largest with a balance of 193,433.46915660 BTC, added the equivalent of $12.84 million to its balance.

"As of now, this address has increased its holdings by 635 BTC in November," commented journalist Colin Wu on the event.

This type of whale behaviour is usual during bull runs, as proven by blockchain data from previous cycle peaks.

"Whales and big players, in my opinion, usually hedge their Bitcoins by transferring to derivatives exchanges and taking short positions when they buy a huge amount of BTC at price bottoms," one contributor to fellow on-chain analytics firm CryptoQuant described on Tuesday.

“This pattern is obvious during the last bull run (2017) when the All Exchanges To Derivative Exchanges indicator peaked many times and the price experienced a jump after each time. Right now, during the Bullrun, the metric has peaked four times indicating whales are buying and hedging their coins continuously.”

According to the above post, this is a "long-term bullish sign" for price action.

Bitcoin's price action remains conventional

Long-term holders, according to reports, have started net minimising their BTC holdings as of this month.

The phenomenon is known as "distribution" has historically supported the most ravenous phase of bullish price action, as seen starting in November last year.

In the meantime, heavy buyer volume at $62,000 was insufficient to avoid a retest of lower levels on Tuesday, in contrast to the expectations from Whalemap, a committed tool for observing whale activity.

Currency Exchange rate Buy cryptocurrency

The new DEFI platform enters the market! Earn passively - token sale 0.25 $

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Lushup Holdings FZ LEE. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the tokeneo.com/news/pl website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Lushup Holdings FZ LEE, Fujairah - Creative Tower, P.O.Box 4422 Fujairah, United Arabs Emirates.

The full document to read the Tokeneo privacy policy is available in this document.

Advanced settings can be changed in your browser.