According to bitcoin info charts, the rich bitcoin investors are buying more bitcoin and increasing the worth of their wallets.
The recent revolution indicates that BTC hasn’t lost any appeal for the top bitcoin holders. The data depicted that top 100 bitcoin addresses have bought 16% more bitcoin in the last 30 days. The value of BTC accumulated by theses addresses is worth more than 11 Billion USD.
Bitcoin’s recent price drop from $41,000 gave rise to rumours of ‘Bitcoin crash‘. Newspapers made headlines of investors losing faith in crypto. However, the top bitcoin addresses have kept adding more.
The top addresses belong both to individuals and exchanges like Binance, Bittrex and Kraken etc. It isn’t clear how the buying behavior has roled out. But., it is clear that not everyone makes decisions based on market sentiments. Least of all the rich bitcoin investors.
Rich bitcoin investors buying more bitcoin indicates that BTC’s future is bright. It has the backing of whales as well as big exchanges. Moreover, the holders of crypto trust bitcoin’s potential in the long run.
Crypto assets move vehemently in search of support or resistance. Buying the dip is a fair move in this case. The 26% downward price movement of bitcoin was also nothing more than a big correction in search of support. We are likely to see more corrections like this in future. Nevertheless, bitcoin keeps gain from every bull rally. Furthermore, it has increased in price by more than 100% in the past 2 months. Hence, let’s not judge a currency by its worst moves.
Bitcoin is a volatile currency due to many reasons. It gets impacted by market sentiment and investors’ trust. But, the talk of bitcoin vanishing is plain absurd. It is here to stay and we will see the increase in price in the ng years. So keep your wallet topped up like the big investors.