Unlike scurred retail, Bitcoin whales are fearlessly still buying a lot of BTC. Total alpha behavior.
- Whale watching: Bitcoin Top 100 Wallet Activity
- Bitcoin Whales Making A Quick Buck
Bitcoin’s Top 100 Wallets
— Watcher.Guru (@WatcherGuru) May 11, 2022
Railing against market sentiment, Bitcoin’s top 100 wallets bought almost 78,000 bitcoin (over 2.2 billion USD worth) between May 10th and 11th. The buying from the top Bitcoin addresses took place as the market was panicking because of Bitcoin’s drop below the psychological level of 30k.
We previously reported earlier this week that Bitcoin whales were largely sitting out the “dip” to 33k. The top 100 addresses didn’t appear to be doing much buying or selling. With their recent buys, it’s clear now they were waiting for a better entry point. Still it’s a bullish sign that anyone is buying, and even more so when it’s the top 100.
Bitcoin Whales Making A Quick Buck
The next 24 hours appear to be no different. Bitcoin whales are continuing to buy Bitcoin. However, it’s also worth noting that some of them are making a quick buck off the panic.
The third biggest wallet sold off 79 bitcoin back on April 29th, but bought over 729 last night. The wallet is unlabeled. Another unlabeled wallet appears to have been trading even more aggressively on people’s panic. It moved 2,670 bitcoin out of its wallet on the 11th, and then picked up 2,680 on the 12th — just six hours later.
Whale watching is worth doing in times like these, as evidenced by 2021 “dips” that saw Bitcoin whale buying not slow down. If you’ll recall Bitcoin hit a high of 67k in April then 69k in October. In between those two high marks, Bitcoin fell as low as 29k.
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