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Bitcoin whales buy up 122,588 BTC after price plummets to $32,000

Reports indicate that Bitcoin whales have purchased a massive 122,588 Bitcoin since the price has dropped to around $32,000.

@Jak_ConnorTT
Published Mon, May 24 2021 4:31 AM CDT   |   Updated Fri, Jun 18 2021 7:06 PM CDT

Reports are now indicating that people who hold a large amount of Bitcoin (BTC) are scooping up hundreds of thousands of Bitcoin since the price dropped.

Bitcoin whales buy up 122,588 BTC after price plummets to $32,000 01 | TweakTown.com

After Tesla announced that it wouldn't be accepting Bitcoin as payment for its electric vehicles, and China began its crackdown on the currency, the price of BTC has plummeted down. Now, data from Glassnode is indicating that Bitcoin whales - people who are holding between 10,000 and 100,000 BTC - have purchased 122,588 BTC when the price crashed last Wednesday.

Additionally, cryptocurrency hedge funds that were interviewed by Bloomberg revealed that they were also buying the dip. Kyle Davies, the co-founder at Three Arrows Capital, told Bloomberg, "People that were borrowing money to invest, they were wiped from the system [...] Every time we see massive liquidation is a chance to buy. I wouldn't be surprised if Bitcoin and Ethereum retrace the entire drop in a week."

One BTC whale in particular, as reported by Cointelegraph, offloaded 3,000 BTC on May 9 for an average price of $58,503.39. Now, that same whale has reaccumulated the stack of coins that were sold by buying 3,521 BTC in three separate trades on May 15, 18, and 19. For more information on this story, check out this link here.

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NEWS SOURCE:cointelegraph.com

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest news. Jak's love for technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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