01/12/2021
Keep calm 🙌
The king of cryptocurrencies registered the worst correction since March over the weekend, raising concerns among investors and traders alike that the parabolic rally is coming to an end. Since logging an all-time high above $42,000, BTC has since retracted to the $32k region at press time.
The pullback has resulted in many weak hands pulling their money off the table as they fear more losses. However, whales are bucking the trend and buying the dip. Data provided by an independent researcher shows that “millionaire” addresses (wallets holding over 1,000 BTC) are steadily rising.
As small traders and retail investors panic-sell their BTC, Bison Trails’ Elias Simos has noted that wealthy investors have been purchasing this bitcoin throughout December and January. In particular, Simos observed that addresses with more than 1K BTC — worth almost $35 million — have been “growing at the expense of all others”.
