Bitcoin Price Dip Buyers Assert Presence By Stashing Billions On Exchanges

Bitcoin Price Dip Buyers Assert Presence By Stashing Billions On Exchanges

Bitcoin bulls have not flinched since the bearish storm hit the market last week. The biggest of investors have remained at alert, waiting for what many would consider an opportunity to take cover by means of liquidating, to buy more Bitcoins. In their usual fashion, these whales have once again stormed exchanges with huge deposits that have since reiterated that the bulls are never asleep indeed.

A few days ago, the cryptocurrency community recorded a movement of over $2 billion from investors’ sacs to exchanges. The last time the market witnessed a daily transfer this big was on the 3rd of February.

At the time, Elon Musk had set crypto-Twitter ablaze with a massive Bitcoin buy from his electric company Tesla. This move went on to solidify shared sentiments amongst traders who believed that Elon Musk, one of the most influential figures in fintech, saw the potential in the benchmark cryptocurrency. The Elon Effect kicked in and on the following day, the bulls did what they knew how to do best, as millions of dollars converted to USDT hit exchanges.

The market is certainly going in the direction that analysts affirm it is. As they say, “The dip is getting bought” and this is more likely to be the case over the next few months, than anything else. The bulls have shown themselves to be committed in their pursuit for mass accumulation, and in a grand style, they wrap up their purchase by moving a total of $3.37 billion in Tether, USDC, and BUSD to exchanges.

It is crucial to note that despite the current buying trend amongst the big dogs, there are a few fundamental points to consider as the bullish correction is being anticipated.

Bitcoin Price Dip Buyers Assert Presence By Stashing Billions On Exchanges
BTCUSD Chart By TradingView

Recent data shows that the level of fear and greed is decently sitting at 31, with an increased number suggesting that the FUD is drying up. A week ago, greed and fear sentiments hit 79,  before dropping to 37 a day ago. Meanwhile, short-term holders have witnessed on-chain losses, and long-term holders have held on tight to their pockets.

Like analyst Clemente opines: “Despite widespread fear, smart money is stepping in to buy this bitcoin dip.”


Share on facebook
Share on twitter
Share on pinterest
Share on linkedin
On Key

Related Posts

Promoting Bitcoin Could Damage The Reputation Of Banks, ECB Warns

The European Central Bank has cautioned banks against promoting Bitcoin investments, arguing that the cryptocurrency’s apparent calm will likely pan out, plunging prices lower. In a Wednesday blog dubbed “Bitcoin’s Last Stand” by Ulrich Bindseil and Jürgen Schaaf, the director general and advisor of the ECB of the institution noted that banks risked incurring long-term

Bitcoin, Ether Not Securities Because They Have No Issuer: Belgium Regulator

The regulator of the European country said cryptocurrencies issued by computer codes are not considered securities. Brussels is neutral to blockchain technology, a stark contrast to the US. Brussels’ financial authority has clarified that cryptocurrencies without an issuer cannot be classified as securities. The Financial Services and Markets Authority (FSMA) announced that digital assets issued

Over 10K Bitcoin (BTC) Moved To Crypto Exchange, Are Miners Selling?

Bitcoin price rallied after Fed Chair Jerome Powell hinted at slower rate hikes in December and upcoming sessions. The BTC price hit a high of $17,194 with an over 200% jump in trading volume. On-chain data indicates that miners facing financial issues are indeed selling their Bitcoin holdings, with Bitcoin hashrate decreasing continuously due to