News
    Home   >     Industry    >     Main body

    Bitcoin whales 'bought the dip' as orders for $100K or more hit all-time highs

    Abstract:Bitcoin at $50,000 is fair game for large volume buyers as order volumes near all-time highs.

      William Suberg

      4 minutes ago

    Bitcoin whales 'bought the dip' as orders for $100K or more hit all-time highs

      There's no shortage of demand for Bitcoin, even at $50,000, as big buyers dwarf smallholders in the latest stage of the bull run.

      174 Total views

      Listen to article

      0:00

      Markets News

      Bitcoin (BTC) whales and institutions alike have made the most of the recent BTC price"dip" by buying big, data suggests.

      In an update on March 9, on-chain analytics service Material Indicators noted that buy orders of $100,000 and higher on Binance — the biggest cryptocurrency exchange by volume worldwide — are reaching all-time highs.

    Big Bitcoin buyers don't hesitate

      In stark contrast to orders worth less than $100,000, larger buys are more frequent than ever before in Bitcoin's history.

      Smaller allocations have plummeted in 2021, matching an existing narrative that institutions are scooping up liquidity on exchanges which surfaced during the recent bull run.

    "The $100k - $1M class is now also about to make a new ATH," Material Indicators commented on Twitter alongside a chart.

    "Meaning, they bought the dip."
    BTC/USD vs. order volume chart. Source: Material Indicators/ Twitter

      Material Indicators previously voiced concerns about this week's price rise, arguing that whales could"sell into" the surge, producing a repeat of the run to $58,000 all-time highs and subsequent 25% correction.

      While this has so far not come to pass, analysts also noted that macroeconomic factors were also having a different impact to that which was expected.

      Whale orders declined after news that the United States' $1.9 trillion stimulus package had passed the Senate, while China providing support to tech stocks had the opposite effect. As Cointelegraph reported, tech had led a dramatic change of fortunes on equities markets.

    $54,500 surge followed major Coinbase buy

      Later, meanwhile, another batch of nearly 12,000 BTC left professional trading platform Coinbase Pro as an example of major BTC allocations continuing at current prices.

    "That happened just before the recent surge in price. Nice coincidence," quant analyst Lex Moskovski commented on data from fellow on-chain analytics resource Glassnode.

      BTC/USD hit two-week highs of $54,500 earlier on Tuesday.

    BTC/USD vs. Coinbase outflows chart. Source: Glassnode/ Twitter

      Zooming out, the increasing institutional involvement around Bitcoin could fuel its entry as a standard for investors alongside traditional plays.

    "We do think it will behave, actually, I would say more like the fixed income markets, believe it or not," Cathie Wood, founder and CEO of ARK Investment Management, told CNBC this week.

      Binance orderbooks show the next major BTC/USDT resistances for the bulls are around $58,000 — the all-time high — and $59,500.

    • #Bitcoin
    • #Bitcoin Price
    • #Markets

      Related News

    •   How crypto is going to shake up the world of mixed martial arts

    •   Bridging the Bitcoin gender gap: Crypto lets everyone access wealth

    •   Women, decentralization and the worlds economic drive: Experts answer

    •   Beware the ides of March: Bitcoin slumps as Treasury yields and the dollar rise again

    •   Bitcoin price breakout imminent: Why BTC bulls and bears are battling at $52K

    •   Price analysis 3/8: BTC, ETH, BNB, ADA, DOT, XRP, UNI, LINK, LTC, BCH

        

      Loading

      Editors Choice

    • Bitcoin whales 'bought the dip' as orders for $100K or more hit all-time highs
    • Major Swiss retailers set to debut Bitcoin gift cards
    • Southeast Asia's first Bitcoin fund launches to meet local institutional demand
    • Ethereum to roll out Berlin upgrade with 4 EIPs
    • Bitcoin price cracks major resistance as analyst eyes $70K 'destiny'

      Advertise with us