476M USDT Deposited by Whales in an Hour to Buy Bitcoin at Dip: Glassnode
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476M USDT Deposited by Whales in an Hour to Buy Bitcoin at Dip: Glassnode

April 8, 2021      Sahaj Sharma

In a data revealed recently by Glassnode, it was shown that the whales are shifting huge amounts of USDT to crypto exchanges to acquire Bitcoin at the dip. Moskovski Capital’s CIO Lex Moskovski has recently shared a chart that was provided by Glassnode that showed crypto whales actively purchasing Bitcoin at the dip.

Glassnode Data Reveals USDT Depositions by Whales to Buy Bitcoin

It was illustrated in the data shared by Glassnode that crypto whales just took an hour on April 7 to put in a whopping amount of 476 million USDT to crypto exchanges in order to buy Bitcoin at the dip.

Lex Moskovski commented on this situation and said that whenever Bitcoin dips, it looks like there is always money for big investors to buy it.

Be it any dip, there are always reports of giants having enough cash to purchase the asset and add it to their portfolios.

Well, as per the fact, buying the dip and selling at its tip is the best form of making a profit from that asset can not be denied nor criticized.

The oldest cryptocurrency witnessed a fall in its prices and dived to the $55,000 mark on Wednesday. Seeing this, the traders started elucidating multiple BTC positions across various exchanges that were worth a total of $677 million.

More than 95% of the total liquidations in the market were Bitcoin longs weighing around $648 million.

Institutional Interests in Buying BTC

Being the biggest cryptocurrency in the market the fall in the prices of Bitcoin was also the reason behind the fall of the entire market, dragging down ETH from $2100 level to $1955 levels several times.

In accordance with the data that was most recently shared by Glassnode on April 6, the financial institutions grabbed an astonishing 4,386 BTCs. The total worth of those BTCs was $257 million on the Gemini exchange, which is solely owned by Winklevoss. After the acquisition, the asset was withdrawn to cold storage. 

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Sahaj Sharma
Sahaj Sharma

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.