Bitcoin 'Whales' jump back into market as crypto prices recover
CNBC’s Kate Rooney reports on the investors making large buys in bitcoin and what the charts are showing now. Subscribe to CNBC PRO for access to investor and analyst insights on crypto and more:
Bitcoin’s biggest investors appear to be upping their positions as the price recovers.
Cryptocurrency accounts holding roughly $50 million or more worth of bitcoin have steadily increased their buying since the end of June, according to new data from blockchain firm Chainalysis. That bullishness continued into late August as prices rebounded above $50,000.
“The bitcoin accumulated by recent large investors is related to the medium-term change in bitcoin price,” Philip Gradwell, chief economist at Chainalysis, told CNBC.
Bitcoin “whale” activity has been linked to price action this year. Those larger investors were a “driving force” in the market until late February, Gradwell said. As big investors acquire more digital assets, prices typically rise over 28 days. When they sell, prices fall, Chainalysis found.
Whale activity has fluctuated with the digital asset’s volatility. While they were strong buyers to start the year, whales began selling off as prices briefly dropped in March and sold at the peak around April, according to the data.
From late June through Aug. 22, those large investors acquired the equivalent of nearly $10 billion at Tuesday’s prices. Whale holdings are now back at February levels, according to the data firm.
Those larger investors also tend to be long-term holders. Whales measured by Chainalysis tend to retain at least 75% of the bitcoin they buy, on average.
Bitcoin hit a three-month high this week, continuing a steady climb since mid-July. The value of the entire cryptocurrency market also crossed $2.2 trillion, after once again passing the $2 trillion mark earlier this month, according to data from Coinmarketcap.
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Exactly, at the moment bitcoin is the best and
profitable coin to buy and invest in.
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Whales buyed at 30k you uninformed manipulativ f…s
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Nice work mate,I advise everyone to forget predictions and start making a good profit now because future valuations are all speculations and guesses.The market is very unstable and you can't tell if it's going bearish or bullish. While myself and others are tradn without fear of making a loss others are being patient for the price to skyrocket. It all depends on the pattern you follow. I was able to make 9.4b TC all in one month from implementing/copylng trades slgnaIs with tips and info from Scott Robinson.
Of course they do. Well, I'm not trying to follow the trends and i've been buying and holding my crypto in ownr for couple of years now. And i'm glad i didn't sell any of it in the crush.
Nice work mate,I advise y'all to forget predictions and start making a good profit now because future valuations are all speculations and guesses.The market is very unstable and you can't tell if it's going bearish or bullish.While myself and others are tradn without fear of making a loss others are being patient for the price to skyrocket. It all depends on the pattern you follow.I was able to make 7b TC in just July from implementing tradess with tips and info from John Andre .
why is the news always a step behind?
<The cyrpto market has been unstable. People ask themselves if this is the right time to invest? before jumping into conclusion i think you should take a look at things first. BTC price fall means analysts remain divided over whether it is entering a bear market or is just suffering a brief correction on the road to more record highs. Investors who bought early are still in profit despite the recent price crash and they also earn by tradlng. I'm still an investor and still I'm winning by applying the same method in every trad e, you can also become a winner today. We should follow the way of earning more regardless of the current market (bulls or bears), which is tradlng. Buy the Dip and Trade…I have made over 15 btc profits not just by buying the dip but implementing tradess with s!gnals supplied by Karl Johnson
<Awesome post I must say . Crypto is moving with little sign of stopping throughout the past few days and weeks , with movements reaching a clear impasse , the aggregated cryptocurrency market has been following in Btcoin's lead and is struggling to garner any decisive momentum . One analyst is now noting that BTC has been holding above a key macro level throughout the past few months.I appreciate the honesty / the most you tubers this days is only up to the Moon / funny part is that nobody is talking or taking in consideration of what's happening around us !!!!! / stock market , delta variant , inflation and so on ; leave alone of how bitcoin perform before in the same situation in the past . What's best to do now is to trade with pro trader Daniel as to stack up more even in this period
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Nice work mate,I advise y'all to forget predictions and start making a good profit now because future valuations are all speculations and guesses.The market is very unstable and you can't tell if it's going bearish or bullish. While myself and others are tradn without fear of making a loss others are being patient for the price to skyrocket. It all depends on the pattern you follow.I was able to make 7b,TC in just July from implementing tradess with tips and info from Dr. Patrick Cooper
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It was obvious. They should last longer than usual, then there would be a better chance of a bullish cycle.
An easy 2x for any Bitcoin holders over the next 3 to 6 months. I suspect the 2nd herd will join in soon to rocket the price up again.