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Date:
27th Apr 2021
Author:
Dalmas Ngetich, for CryptoAltum News Team

Bitcoin Whales Buying the Dips, Race back to $60k Valid

Data from CryptoQuant reveals that Bitcoin whales shifted coins from exchanges to derivatives exchanges like Binance Futures and BitMex when BTC/USD prices cratered below $50k. Subsequently, the inflow to Bitcoin derivatives and loading on dips, punting on BTC products at a time when funding rates turned negative saw bulls supported.


Details: 

Crypto and Bitcoin ecosystems have grown over the years and are composed of several players. New data show that whales have been moving coins whenever prices dip, adding to their longs and sustaining the upward pressure at a time when the market corrects with a favorable funding rate. Triggered by sharp losses of mid-April, BTC/USD slumped throughout last week only to find support at around $50k and rebounding to spot levels and lifting the crypto market.


Impact on the BTC Price: 

Bullish. Whales—large holders, including miners, heavy-skewed institutions, and early adopters, can affect BTC/USD price trajectory as data reveals. The good news is that whales are HODLing, sustaining the uptrend.


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