Data from blockchain analytics firm Chainalysis suggests that whale investors actively bought Bitcoin’s latest deep.
In its most recent market intel report, Philip Gradwell, the chief economist at Chainalysis, revealed that investors purchased 77,000 Bitcoin last week, an amount that is worth around $3 billion at current market prices.
As reported by BTC PEERS, the crypto market crash extended into last week, with the market losing over $350 billion in a few days. Bitcoin’s price fell considerably from $45,000 to a low of nearly $30,000, at one point witnessing $3.3 billion in liquidations within a single hour.
According to Chainalysis, investors moved a considerable amount of their Bitcoin holdings at a loss. Gradwell noted that 1.2 million Bitcoin moved at 5 to 25% loss while 120,000 Bitcoin was sent at a 25% loss or worse. In terms of the U.S. dollars, about $3.2 billion worth of Bitcoin was sold as a loss last week, and whale investors were waiting to increase their stash. He further explained:
However, this was a smaller number of bitcoin sent at [a] loss than in the late 2017 and mid-March 2020 price crashes, suggesting that last week was not the worst capitulation of holders in Bitcoin’s history.
Panic selling was not peculiar to just Bitcoin. Ethereum also saw its fair share of selling at a loss. According to the report, 22.6 million was transferred at a 5 – 25% loss.