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Bitcoin Whales are buying the dip as transaction volume reaches a month-high


February 27, 2022 · By Muhammad Awwal
Bitcoin (BTC)

Bitcoin whales have been expanding their long-term investments as the crypto market recovers from a severe collapse that saw Bitcoin values drop to $34.3k due to Russian armies’ invasion of Ukraine.

Whales rock the boat in the market because they have such a large share of the market. As the market movers show greater conviction, the current accumulation could imply that an upsurge is on the way. 

According to Santiment, a blockchain analytics firm, the number of transactions above $100,000 and $1 million reached an all-time high on January 24th, resulting in a price increase the following week.

🐳 As #Bitcoin prices bottomed out at $34.7k with Thursday's war news, whales have made some MASSIVE transactions. This has been the largest amount of both $100k+ and $1m+ $BTC transactions since Jan. 24th, when prices jumped +15% the week following. 📈https://t.co/gpyqFS9UGi pic.twitter.com/laeSxeHUXV

— Santiment (@santimentfeed) February 25, 2022

It’s also worth noting that, despite the drawdowns, Bitcoin illiquid supply has been increasing as on-chain transactions have increased, implying that Whales are buying the dip and transferring BTC from exchanges to cold wallets. 

#Bitcoin illiquid supply continues a strong uptrend even as we see a small price pullback.

Even if we see more short-term price weakness, I am bullish. Looks quite strong. pic.twitter.com/OiueFX2u7O

— Bitcoin Archive (@BTC_Archive) February 18, 2022

Another on-chain metric suggests that a record 76.5 percent of the whole Bitcoin supply has not moved in at least six months, indicating that Whales are exhibiting faith in the market and retail is driving the drawdowns.

https://twitter.com/documentingbtc/status/1497948588818710530?s=21

However, with Russian armed forces continuing to attack Ukraine’s military infrastructure and border guard troops, as well as the possibility of a North Atlantic Treaty Organization (NATO) action, it’s uncertain where the market will go next. 

The tragedy remains a huge source of concern for the market, and players are undoubtedly on high alert with market dynamics continually changing, 

At the time of writing, Bitcoin was trading at $39,245 per coin, with the top cryptocurrency by market capitalization regaining approximately 14% along with the rest of the market.

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