Moskovski Capital's CIO shared a chart provided by Glassnode that shows the crypto whales are actively buying Bitcoin when the price falls.
476 million USDT was transferred to the exchange in just one hour
Data shared by analytics firm Glassnode shows that on April 7, it took crypto whales just an hour to deposit a whopping $ 4 million USDT into digital exchanges to buy Bitcoin when the price drops.
Whenever Bitcoin falls in price, there seems to be an influx of money from big investors, Lex Moskovski commented.
$ 476M USDT deposited to exchanges in an hour yesterday to buy the dip.
Every time we dip, there is no shortage of the cash on the event, it seems. pic.twitter.com/CMa7Iud7tE
- Lex Moskovski (@mskvsk) April 8, 2021
$ 648 million BTC was liquidated when Bitcoin fell to $ 55.000
When the world's largest cryptocurrency fell to the $ 55.000 mark on Wednesday, many Bitcoin positions on crypto exchanges were liquidated for a total value of $ 677 million.
More than 95% of those liquidations (about 648 million USD) are Long positions.
This BTC drop has dragged the entire crypto market down, especially pushing Ethereum from $ 2.100 to $ 1.955 on multiple occasions.
According to Glassnode data shared earlier, on April 6, financial institutions bought 4 Bitcoins (worth $ 4.386 million) on the Winklevoss-owned Gemini exchange and pulled them back to cold wallets.