Bitcoin Whales Record Highest Amount of Net Inflows Following Market Crash, According to IntoTheBlock

The mighty whales have likely followed the wise advice by renowned investor Warren Buffett to buy when there's blood in the streets.

Bitcoin whales have scooped up the largest amount of BTC in response to the recent cryptocurrency market crash, according to cryptocurrency analytics platform IntoTheBlock. On Monday, these wallets that control at least 0.1% of the total supply added a staggering $436 million worth of Bitcoin to their holdings as the cryptocurrency rebounds from last week's sell-off.

Bitcoin carnage

The cryptocurrency market has been battered over the past few days, with Bitcoin dropping as much as 10% on Monday. This sell-off was sparked by bearish news about the now-defunct cryptocurrency exchange Mt. Gox creditor repayments in July. As reported by U. Today, Bitcoin critic Peter Schiff recently predicted that the leading cryptocurrency would keep plunging after recording the lowest level in nearly two months.

Meanwhile, the cryptocurrency market succumbed to "fear," with the popular Fear & Greed Index showing the latest readings since last September. To top that off, the Relative Strength Index (RSI), a widely used momentum indicator, shows that Bitcoin is currently oversold on both daily and weekly charts. In fact, cryptocurrency traders have not seen such oversold conditions since Bitcoin was trading at only $26,000.

A relief rally?

All of the aforementioned factors suggested that the Bitcoin price was ready for a bounce, and some major whales probably felt compelled to buy more Bitcoin following the recent price correction. Earlier this Tuesday, the Bitcoin price managed to recover back to the $62,004** level, adding more than 2.2%. According to pseudonymous cryptocurrency trader **RektCapital**, the flagship cryptocurrency has managed to successfully hold the key support at **$60,600, which is the low of the current range. The chartist believes that the Bitcoin price will be able to revisit the top of the current range if it remains relatively stable. Trader James Stanley has also identified the $60,000 level as the key support level that Bitcoin bulls have managed to hold.

The above is the detailed content of Bitcoin Whales Record Highest Amount of Net Inflows Following Market Crash, According to IntoTheBlock. For more information, please follow other related articles on the PHP Chinese website!