Where for many a bitcoin (BTC) price correction can be a scary moment, for others it is a great opportunity. They are using dips like we’ve seen in recent days as a time to buy more for a lower price. Likewise the world’s third largest whale.
A whale is an entity that owns huge amounts of bitcoins. A good example is the company MicroStrategy, which currently owns more than 114,041 bitcoins. However, there are also whales of which we do not know who is behind them. For example, we only know that the third largest wallet of the Bitcoin network now owns 111,794 bitcoins. We also know how this whale behaves.
During the recent dip, the whale reacted cold-blooded, according to dates from Bitinfo charts. He or she added 321 bitcoins worth almost $14 million during the dip. It must be said, however, that the whale has been selling bitcoin since the end of July. At that time there were still almost 117,000 bitcoins in the wallet, at the beginning of September the balance fell to 108,000 bitcoins. In short, the whale has stocked up on some bitcoins during the dip and before.
Not only big whales seized the opportunity, smaller bitcoin too hodlers did this. Glassnode, a blockchain research company, shared a tweet today containing a graph. It shows that small bitcoin wallets (10 BTC and smaller) are increasing in numbers.
“As seems to be tradition, smaller Bitcoin HODLers can often be found buying BTC after significant corrections.
The minnows, as analyst Willy Woo calls them, with <10 BTC, have accelerated their accumulation since the sell-off in mid-May.
They now jointly control 13.9% of the supply.”
As appears to be tradition, smaller #Bitcoin HODLers can often be found stacking $BTC after significant corrections.
The minnows @woonomic refers to, with < 10 $BTC, have accelerated their accumulation since the sell-off in mid-May.
They now hold a collective 13.9% of supply. pic.twitter.com/Ap7X5FdE92
— glassnode (@glassnode) September 22, 2021
The correction and the still prevailing uncertainty in the market stems from the situation regarding the Chinese company Evergrande. That company has huge debts and seems unable to pay it back. As a result, Bitcoin reached the important support area at $40,000 and appears to be able to hold out for the time being.