News - Whales buy more BTC

By Mike Hesp

Whales buy more BTC

Bitcoin (BTC)
Wallets and Whales

Financially strong Whales took advantage of last week's price drop and bought coins en masse.

Whales have benefited from the recent price correction and have gained many BTC added.

According to data from Glassnode there are now 1,563 entities that own more than 1,000 BTC. This means that nearly 40 entities joined the Whales have joined.

An "entity" is a person, group or institution that has access to the Bitcoin in question.

"Entities are defined as a group of addresses controlled by the same network entity and are estimated by Glassnode's proprietary clustering algorithms," writes the analysis portal.

Whales are called BTC hodlers who have significant amounts of coins. In this case: more than 1,000 BTC. Market observers watch the buying and selling behavior of these Whales because they can move the market.

Whales are also called cryptowhales professionals. Their behavior provides information about possible future market movements. Therefore, the post-buy behavior of Whales is bullish.

At the time of writing today, Bitcoin is down 1 percent. On a weekly basis, however, the cryptocurrency is doing well: according to data from Coingecko, digital gold is up 8 percent.

That Bitcoin has already broken out of its correction is also thanks to spot ETFs. The largest sponsors, Fidelity and BlackRock, now hold about 50,000 BTC each.

Incidentally, the Free State of Saxony is now also a Bitcoin Whale. As reported yesterday, the LKA Saxony seize 50,000 BTC worth two billion dollars. The coins come from the investigation into the illegal streaming platform "movie2k.to."

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