3rd largest whale address adds 207 BTC to $ 62,000

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

According to Chain Watch Resources on November 16, the third largest Bitcoin whale address increased its holdings by 207 BTC.

Whales buy the dip

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

For one address, now the third largest with a balance of 193,433.46915660 BTC, added the equivalent of $ 12.84 million to its balance at a price of $ 62,053 per bitcoin.

“So far, this address has increased its holdings by 635 BTC in November,” reporter Colin Wu noted in comments on the event.

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

Such whale behavior is actually common during bull racing, as evidenced by blockchain data covering peaks from previous cycles.

“In my opinion, whales and the big players generally hedge their Bitcoins by transferring to derivatives exchanges and taking short positions when they buy a huge amount of BTC at low prices,” a contributor explained on Tuesday. the chain analysis company CryptoQuant.

“This pattern is evident in the last bull run (2017) when the All Exchanges To Derivative Exchanges indicator peaked several times and the price surged after each time. Currently, during the Bullrun, the metric peaked four times, indicating that whales are buying and hedging their coins continuously.

This, summarized in the article, is a “long-term bullish sign” for price action.

Bitcoin price action remains conservative

As Cointelegraph reported, long-term holders started reducing their holdings of BTC from this month.

Related: Record Whale Buildup Precipitated Last All-Time Record Bitcoin Breakout

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

The large buyer volume at $ 62,000, meanwhile, was not enough to prevent a further test of lower levels on Tuesday, contrary to expectations of Whalemap, a tool dedicated to monitoring whale activity.

$ BTC 62800 have indeed played since then. I wouldn’t want to break it tbh. pic.twitter.com/VS1plF3ytv

– Whalemap (@whale_map) November 15, 2021

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