Bitcoin whales Capitalize on Price Declines as Large Ticket Orders Hit All-Time Highs
Bitcoin (BTC) whales and institutions have capitalized on the latest Bitcoin price decline by purchasing the dip, data indicates. Material Indicators, the on-chain analytics service provider, in an update on March 9, has pointed out that purchase orders of $100,000 and greater on Binance, the largest cryptocurrency exchange by volume across the globe, are hitting all-time peaks.
In clear contradiction, orders with ticket size over $100,000 have become a frequent happening, a huge change from Bitcoin’s past. Small ticket purchases have declined in 2021, supporting the argument that institutions are buying whatever is available on various exchanges.
Along with a chart, Material Indicators tweeted as follows:
“The $100k – $1M class is now also about to make a new ATH.”
Material Indicators had earlier echoed worries about the week’s price increase, pointing that whales could profit from the rally, creating a repetition of the uptrend to $58,000, which is all-time peak, and consequent 25% retracement.
Analysts also pointed out that macroeconomic factors also had a distinct impact on the price movement. Whale buying orders faded following news that the US Senate has endorsed the $1.90 trillion, selling pressure increased on reports that China provided support to stocks focused on tech firms.
In the meanwhile, another chunk of roughly 12,000 Bitcoin moved out of institutional level trading platform Coinbase Pro as huge quantities are being bought at current prices. Interestingly, technology has brought about drastic changes in equity markets.
The $100k – $1M class is now also about to make a new ATH. Meaning, they bought the dip. pic.twitter.com/bPote7liEJ
— Material Scientist (@Mtrl_Scientist) March 9, 2021
Lex Moskovski, a quant analyst, gave his opinion on data from the popular on-chain analytics firm Glassnode.
“That happened just before the recent surge in price. Nice coincidence.”
Earlier today, Bitcoin hit a two-week high of $54,500. Notably, the rising participation of institutions in crypto arena could expedite its entry as a yardstick for investors, in addition to conventional investments.
Another huge batch of 11,554 #Bitcoin has left Coinbase.
That happened just before the recent surge in price.
Nice coincidence. pic.twitter.com/1vGC7G1mba
— Lex Moskovski (@mskvsk) March 9, 2021
Cathie Wood, founder and CEO of ARK Investment Management, commented as follows:
“We do think it will behave, actually, I would say more like the fixed income markets, believe it or not.”
Binance orderbooks indicate the forthcoming key Bitcoin (BTC)/USDT resistance for the bulls at about $58,000, reflecting the all-time high, and at $59,500.