After trading above $38,100, Bitcoin (BTC) suffered heavy losses on January 11. As a result, the price of Bitcoin plummeted to $31,244 on Bitstamp. However, the drop in prices quickly attracted buyers.
Today, January 12, Bitcoin has managed to recover a little after yesterday’s fall. At around 20:11 GMT, Bitcoin is trading in the region of $34,300.
Bitcoin whales kept accumulating amid the recent drop
According to data from Glassnode, Bitcoin whales did not panic during Monday’s BTC price drop but accumulated the cryptocurrency.
The number of addresses holding more than 1,000 bitcoins rose to a new record of 2,140 as the cryptocurrency nosedived from $38,250 to $31,244. The volume of exchange trades on Monday exceeded the peak levels of 2017.
In this situation, the increased number of Bitcoin whales shows the confidence of large investors in the
According to Glassnode, the number of Bitcoin whales has increased by 25% over the past year. To be specific, the indicator has increased by 200 addresses over the past two weeks.
Moreover, during Monday’s BTC correction, there was a slight decrease in the number of addresses holding less than 0.01 BTC, from 8.54 million to 8.53 million. This indicates that some retail investors withdrew from the market.
According to Rafael
In early December, Rafael
Also, analysts from the American bank JPMorgan Chase & Co earlier predicted that Bitcoin price will surpass the $146,000 mark only with the high activity of institutional investors.
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SOURCE: Commodity Blog – Read entire story here.