Whales upload BTC and hope for a new race

The latest bitcoin news shows that the most dominant coin has had some tough days with its recent price movements. However, some whales are loading BTC and hopes for the next Bitcoin rally could shake the market. There have been several drops in the past seven days showing how the main coin is suffering and now the whales are moving with their new investments.

We have previously reported on whales moving large amounts of cryptocurrencies across different wallets, and this tends to happen during both bull and bear markets. However, recent figures show that whales are charging BTC and using the current price drop as a buying opportunity. Over the past week, whales have registered amounts between 100 and 1,000 BTC, suggesting that there is still some potential for a new rally.

The data on the BTC / USD pair collected by TradingView.com shows that there are wallets with at least 100-10,000 BTC that Bitcoin whales have been adding to their holdings in the past few days. Together, the whales have amassed over $ 2.9 billion in BTC since the beginning of the week. After the price drop registered on September 7th, the market entered a phase of low dynamism and offered large investors the perfect opportunity to buy Bitcoin cheaply.

While whales are uploading to BTC, analysts are still unsure of the current shock the market is going through.

If we factor in the rate of issuance of whale wallets, we can see that there is not much spending – most whales keep assets in their wallets without moving them or simply transferring them to other personal wallets. This shows that whales are currently piling up BTC and have no plans to sell anytime soon.

Currently the market is in a neutral position and instead of triggering a continuation of the bull cycle at the beginning of the month we found that there is still some downward movement. Cryptocurrencies show that BTC lost more than 17% of its value in the flash crash, but due to its rapid return, the market is currently neutral.

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