Cryptocurrency “whales” are buying up Bitcoin amid falling rates

On Wednesday, the index of “Bitcoin fear index” fell to a minimum of 11, the last time recorded during the cryptocurrency winter in 2018. On Thursday, the figure was not particularly higher – 13.

The price of bitcoin fell below $ 10,000. It would seem that all factors are talking about a fall, but the “whales”, on the contrary, are buying the first cryptocurrency. This was reported by The Block analyst Larry Cermak, citing data from the Coinbase cryptocurrency exchange.

Recall that the ability to track the actions of large players on its Coinbase platform was added in mid-July. According to information provided by the exchange, two-thirds of Coinbase’s large customers accumulated Bitcoin over the past 24 hours.

“Interesting. According to Coinbase, over the past 24 hours, 67% of customers with large amounts of bitcoins are buying, but not selling the first cryptocurrency, ” wrote he.

A similar situation is observed with the XRP coin. According to Coinbase, 88% of XRP holders bought cryptocurrency during the fall in its value to 23 cents. Note that the last time such quotes were observed in 2017.

At the time of publication, Bitcoin has already managed to bounce from the local bottom to around $ 10,500, although it is now trading slightly below $ 10,000.