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Even though Bitcoin is the largest digital asset, it is not immune to the factors that cause the prices of cryptocurrencies to fluctuate. Even now, the overall crypto space, including BTC, is stuck in a bearish trend.
Bitcoin was recently noted to fall below the $19k price mark for the first time in more than 18 months. To the dismay of BTC enthusiasts, the price of the crypto king has been struggling to cross the $20k price mark. While this has led many investors and retail traders to step away from the digital asset, BTC Whales have reacted differently.
It has been recently reported that the Whales and major entities have been taking the price dump as an opportunity to accumulate more Bitcoin. This is a positive indication for many who have been betting on the long-term utility of the popular crypto asset.
However, there is a difference in how the Whales and Bitcoin miners have been reacting, considering the current market conditions. Let’s find out more details below.
Meanwhile, if you are interested in buying BTC then make sure you keep an eye on its price movement and choose one of the best Bitcoin exchanges.
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Why Do Bitcoin Miners and Whales Have Different Sentiments?
It is quite evident that the current market conditions are not so favorable for Bitcoin. After recently dropping below $18k, the crypto king is now trading at $20,216 (at the time of writing).
Here is a graph by CoinMarketCap that shows the price movement of BTC over the last 24 hours.
Such uncertainty regarding the price movement of Bitcoin has led many to drop their interest in the digital asset. However, the Bitcoin Whales do not share the same sentiments.
Bitcoin addresses of different sizes have been noted to express varying sentiments as the price of the crypto king declines. Both smaller and bigger addresses are buying the dip but at a different rate.
- The smaller addresses or ‘shrimp addresses’ are accumulating BTC hesitantly, adding 36.75k BTC per month. They now hold a total of 1.12 million BTC.
- Whale addresses are accumulating BTC aggressively by purchasing 140k BTC per month directly from the exchanges. They now hold 45.6% of the total supply.
The miners, on the other hand, have not been so optimistic toward the crypto king. They are stuck in an unfortunate situation due to the increase in production costs and falling revenue due to declining prices.
This is why it has been reported that the miners are in distribution mode and are distributing between 3,000 to 4,000 BTC each month. The distribution rate can also go as high as 8,000 BTC per month.
What Are Some Helpful Tips to Know as a New Investor?
Buying crypto assets, whether it is Bitcoin or any other coin, is not as simple as one might think. There are a few aspects to consider while investing in a digital currency for the first time.
One of the major aspects to focus on is choosing a secure and suitable platform. If you are new to the crypto space then here are some helpful tips you need to know before you start investing.
- Opt for one of the largest crypto exchanges that offer utmost security and tick all the right boxes for you.
- Start by investing a small amount.
- Keep an eye on the price movement of the digital currency you want to buy.
- Know the right time to invest.
New crypto investors looking to buy Bitcoin can also click on SwissBorg or Kraken (U.S. citizens).
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The post Bitcoin Whales and Miners React Differently Towards the Bear Market appeared first on Bitcoinsensus.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.