Bitcoin bargain: 3rd biggest whale address adds 207 BTC at $62K

Published at: Nov. 16, 2021

Bitcoin (BTC) whales are back in the game near $60,000 as data shows classic bull market behavior.

According to on-chain monitoring resources on Nov. 16, the third-largest Bitcoin whale address has increased its holdings by 207 BTC.

Whales buy the dip

Despite falling 8% over the past 24 hours, Bitcoin remains a solid buy for its biggest investors.

For one address, now the third largest with a balance of 193433.46915660 BTC, added the equivalent of $12.84 million to its balance at a price of $62,053 per bitcoin. 

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

"The current balance of this address is 108,528.56 BTC, and the unrealized income is 4,632,109,617.37 USD."

Such whale behavior is in fact common during bull runs, as evidenced by blockchain data covering previous cycle peaks.

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

This, the post summarized, is a "long-term bullish sign" for price action.

Bitcoin price action stays conservative

As Cointelegraph reported, long-term holders have begun net reducing their BTC holdings as of this month. 

Related: Record whale accumulation precipitated latest all-time high Bitcoin breakout

In what is known as "distribution," the phenomenon has historically accompanied the most voracious phase of bullish price action, as witnessed beginning November last year.

Heavy buyer volume at $62,000, meanwhile, was not enough to prevent a retest of lower levels Tuesday, contrary to expectations from Whalemap, a dedicated tool for monitoring whale activity.

$BTC 62800 indeed played out since then. Wouldn't want to break it tbh. pic.twitter.com/VS1plF3ytv

— whalemap (@whale_map) November 15, 2021
Tags
Related Posts
Another $1 billion wipeout: Why is Bitcoin seeing extreme price moves?
Nearly $1 billion worth of Bitcoin (BTC) futures contracts were liquidated on Jan. 13, a day after the big shakeout. The continuous loop of liquidations is causing extreme volatility and large price swings in the cryptocurrency market. What are futures liquidations, and why are so many Bitcoin positions being liquidated? In the Bitcoin futures market, traders borrow additional capital to bet against or for Bitcoin. The technical term for this is leverage, and when traders use high leverage, the liquidation threshold gets tighter. For example, if a trader borrows 10 times the initial capital, a 10% price move to the …
Bitcoin / Jan. 13, 2021
Bitcoin sees record 100 days above $10K as one analyst eyes ‘parabolic’ 2021
Bitcoin (BTC) has officially beaten a new record as BTC/USD trades above $10,000 for 100 days, and major gains should come next. As voting in the United States’ presidential election ended on Nov. 3, Bitcoin saw a landmark moment of its own — 100 days straight trading in five figures. Bitcoin sees record stretch above $10,000 The achievement is not just impressive as a record for $10,000-plus prices. According to previous data, once Bitcoin trades above these significant price levels for 100 days, BTC/USD swiftly increases by an order of magnitude. As Cointelegraph reported last week, the length of time …
Adoption / Nov. 4, 2020
Crypto Markets in The Green, XRP Sees Major Boost Briefly Overtaking ETH by Market Cap
Tuesday, Nov. 6: top cryptocurrencies have seen strong gains on the day, with Ripple (XRP) temporarily overtaking Ethereum (ETH) as the top altcoin by market capitalization. Market visualization from Coin360 Bitcoin (BTC) is up 0.3 percent over the last 24 hours, and is trading at around $6,447 as of press time. Having briefly dipped below $6,400 during the day, BTC has rebounded and is pushing a slightly higher price point. BTC is still down 1.67 percent over the past 30 days. Bitcoin 7-day price chart. Source: CoinMarketCap ETH has seen some growth over the 24-hour period, up 3.64 percent from …
Bitcoin / Nov. 6, 2018
Bitcoin Price Stays Static at $8,800 as NEO, BNB Steal the Limelight
Bitcoin price (BTC) continued its daily trading pattern on Nov. 13, hovering just under $8,800 after losing support at $9,000. Cryptocurrency market daily overview. Source: Coin360 Bitcoin tracks sideways below $9K Data from Coin360 showed another lackluster day for BTC/USD, with little progress over the past 12 or 24 hours. The week had begun with Bitcoin losing its foothold higher up, exiting a trading corridor between $9,000 and $9,500 and so far failing to reclaim it. Bitcoin seven-day price chart. Source: Coin360 As Cointelegraph reported, analysts had remained broadly bullish on longer-term market prospects. Now, however, the short term could …
Bitcoin / Nov. 13, 2019
Bitcoin price reverses gains on New Year's Eve; hodlers continue stacking sats
Bitcoin (BTC) and the broader cryptocurrency market turned lower Friday afternoon, erasing intraday gains to cap off a highly successful year on a weaker note. Market Update The BTC price fell below $46,000 Friday and was last seen hovering below that level, according to data from Cointelegraph Markets Pro and TradingView. The flagship cryptocurrency is down 2.9% on the day to trade at $45,933. BTC's price is down more than 5% from the intraday peak. Altcoins faced a similar downward trajectory as Bitcoin, with the likes of Ether (ETH), Binance Coin (BNB) and Solana (SOL) each falling more than 2%. …
Bitcoin / Dec. 31, 2021