As the data shows, both Bitcoin (BTC) whales and institutions have benefited from the recent ‘drop’ in the price of BTC by buying in large quantities.
In the March 9 Update, its cross-chain analysis service for material indicators indicated that orders of $ 100,000 or more on Binance – the world’s largest cryptocurrency exchange by volume – are at an all-time high.
Big Bitcoin buyers have no doubts
Unlike orders under $ 100,000, larger purchases are made more often than at any time in Bitcoin history.
Smaller allocations decreased in 2021 and is in line with the current issuance of institutions receiving liquidity on exchanges, which has arisen during the recent upward movement.
Material Indicators commented on Twitter along with the chart: “$ 100,000 to $ 1 million bill now delivers new note.”
“So they bought the plunge.”
Important indicators previously raised concerns about price gains this week, arguing that whales may “sell” on the wave, which could recycle the entire $ 58,000 cycle and then fall 25%.
While this has yet to happen, analysts have also noted that macroeconomic factors also had a different effect than expected.
Whale orders were rejected after the Senate passed news that a US $ 1.9 trillion stimulus package, while China backed tech stocks, backfired. Technology has radically changed wealth in stock markets, according to Cointelegraph.
$ 54,500 Wave follows major Coinbase purchases
Later, another batch of nearly 12,000 BTC left the professional trading platform Coinbase Pro as an example of large BTC bonuses that continue at current prices.
This happened shortly before the last price increase. Good coincidence, “quantum analyst Lex Moskovsky commented on the data from Glassnode’s other online analysis sources.
Earlier on Tuesday, the price of BTC / USD reached its highest
Growing corporate commitment to Bitcoin could increase its entry as a benchmark for investors alongside traditional gaming.
“We think it will act, in fact, I would say it’s more like fixed income markets, believe it or not,” Katie Wood, founder and CEO of ARK Investment Management, told CNBC this week.
Binance order books show that the next big BTC / USDT resistance to the bulls will be around $ 58,000 – an all-time high – and $ 59,500.