Over the past week, whales acquired 53,000 $BTC — this is their largest purchase since November. Wallets holding more than 1,000 BTC invested over $4 billion in acquiring BTC, while smaller market participants remained almost inactive.
The overall picture looks less optimistic for experts. If we exclude operations with crypto exchanges and exchange-traded funds (ETFs), large holders sold bitcoins more often than they bought. Since mid-December, their total net sales exceeded 170,000 BTC.
Currently, new demand is virtually absent. Exchange-traded funds are not showing activity, as their clients are still facing losses. Corporate buyers are also not rushing back to the market, note specialists from Glassnode.
The current cautious recovery is noticeably different from previous periods of rapid growth, as recent purchases cannot compensate for the decline that occurred the day before, experts surveyed by the news agency indicate.
«When this storm passes, we will start buying again — after having sold at the end of last year. But for now, the clouds have not cleared,» shared crypto investor Bruno Ver.
According to analysts from the blockchain company CryptoQuant, during the cryptocurrency market downturn, whales accumulated 67,000 bitcoins worth $4.5 billion at the rate on February 11.
Earlier, experts from the investment company Bernstein stated that by the end of the year, bitcoin would be worth $150,000 — because the bear cycle is about to end.
