Major Cryptocurrencies have plunged further than ever in the latest market crash including the prominent digital asset Bitcoin. Bitcoin prices have fallen under 13% on Sunday, yet influential investors with vast Bitcoin holdings are still buying the cryptocurrency despite the latest price correction causing great damage to many a portfolio.
Bitcoin whalers have been aggressively buying the cryptocurrency as it keeps dipping, raising trader’s sentiment and implying the latest sell-off is at an end. After analyzing data from Glassnode, Anthony Pompliano, founder and partner at Morgan Creeks Digital, deduced that the Bitcoin whales, investors holding between 10,000 and 100,000 Bitcoins, have purchased 122,588 Bitcoins at a period where the market crash was at its peak on Wednesday.
The majority of the purchases are traced to crypto exchanges in the United States due to the support of Coinbase’s $30,000 bitcoin premium. In a recent interview with crypto hedge funds, Bloomberg has restated that they always purchased crypto during market crashes and claimed to be dip buyers. Leading crypto-asset provider ByteTree Asset Management, and London-based investment manager MVPQ Capital, along with Singapore-based hedge fund manager Three Arrows Capital, have all claimed to buy Bitcoin during the crash.
Co-founder of Three Arrows Capital, Kyle Davis claimed mass liquidation of crypto posed as the perfect chance for dip buyers to purchase more assets, reported by Bloomberg. A prominent whale that sold $58,000 worth of Bitcoin has not only re-accumulated their holdings but also added additional holdings to their stocks, as reported by Cointelegraph. The unknown whale had previously sold 3,000 Bitcoins on May 9 and bought back 3,521 bitcoins on three distinctive trades, 15, 18, and 19 May.
Bitcoin prices have declined to $32,000 with a market cap below $30,000, before rising up to $37,000. Bitcoin’s rally has been limited to $42,000 due to overhead resistance.
