Moskovski Capital’s CIO shared a chart showing crypto whales actively buying Bitcoin at the bottom price. The graphic in question contains data prepared by the Glassnode team.
While the drop in bitcoin price has demoralized many investors, professionals seem to be looking to take advantage of it. Data shared by the Glassnode analytics firm show that on April 7, it took crypto whales just an hour to deposit 476 million USDT in digital exchanges to buy Bitcoin at the bottom.
In the words of Lex Moskovski, “There seems to be no shortage of cash on every bottom, edge.” So, from this data, it can be concluded that big investors are on the alert to buy Bitcoin from the bottom.
The world’s largest cryptocurrency fell to $ 55,000 on Wednesday, while multiple Bitcoin positions worth a total of $ 677 million were liquidated on crypto exchanges. More than 95 percent of these liquidations (about $ 648 million) were Bitcoin’s long positions. This BTC drop pulled the entire crypto market down, specifically, it pushed Ethereum from the $ 2,100 level several times to the $ 1,955 zone.
On April 6, financial institutions purchased 4,386 Bitcoins (worth $ 257 million) from Winklevoss’s Gemini exchange, according to previously shared Glassnode data.