During the recent drop in Bitcoin price Bitcoin whales buy the dip adding 40,000 BTC worth roughly $1.6 Billion to their holdings in just 48 hours.
Market researcher Ali Martinez from Santiment, an on-chain and social metrics provider, reported major Bitcoin whales have taken advantage of this chance to increase their holdings.
Wallets with 10,000 to 100,000 BTC are currently holding 2% more Bitcoin than they were previously, after purchasing more than 40,000 Bitcoin since the price plummeted to $38,200 on April 25.
This action not only adds $1.6 billion dollars in purchasing pressure to the market, but it also indicates that significant players are ready to purchase Bitcoin at a discount, which is encouraging.
We Live in Uncertain Times
In these troubled economic times, we must be resourceful.
Because of international concerns and rising inflation rates, the market does not appear to be as energizing as it once was.
Bitcoin had battled to regain lost territory at the start of the year, and had come close to reaching $50,000, but that rally has since collapsed.
Since mid-April, the “cryptocurrency” market has been heading downward and slowly shattering important support levels, a pattern that has remained unbroken.
This has caused a large number of traders to liquidate their positions and transfer their funds to more secure investments such as bonds or even cash.
Is this the best course of action?
What are the most successful and rich traders up to these days?
It looks like they’re buying the dip to me.
Ignore the Short-Term Noise Bitcoin is an Accumulation Game
Social media may easily sway tiny retail investors, but they don’t change the market. The major whales stealthily purchasing or selling shape market patterns.
While it’s impossible to foresee short-term price movements of volatile assets like Bitcoin, we can make sense of them by looking at who is buying and selling.
If Bitcoin price falls it is an opportunity.
The same folks that pester Hodlers and have “lettuce hands” will regret not taking action in the future.
Consider what Michael Saylor has been doing with his firm MicroStrategy since August 2020, when he completely embraced the Bitcoin revolution.
Michael J. Saylor buys Bitcoin at any price. He ended up with over 114,041 BTC.
As of now, this equals 0.543 percent of the overall Bitcoin supply, which is set at 21 million units.
In the end, Saylor gains a lot from this technique of amassing Bitcoin.
That’s why, once one grasps Bitcoin’s “WHY”, they start buying it and never stop.
If you’re patient, you’ll be one of the revolution’s main winners.
With Bitcoin, patience is crucial, which is why most people choose the accumulation technique through dollar-cost averaging.
After that, you may proudly state that you acquired Bitcoin for $2,000 or $50,000 or $200,000 or more. That is all I wish you.
Happy Hodling.
