Bitcoin Whales Buy 116,000 BTC Amid Bear Market

    Bitcoin and other major crypto tokens rallied dramatically on Thursday. Bitcoin is currently trading at $21,809, up 2.7% from its previous close, although it is still down 25% on the weekly chart. 

    Amid the current market crash, new data reveals that crypto whales had taken advantage of the chance to buy 116,000 Bitcoins at a cheap price. Using Large Holders Inflow, which tracks the funds going into addresses belonging to whales, the crypto intelligence platform IntoTheBlock, on June 15 confirmed that 116,000 BTC were transferred, the largest inflow since February.

    This could indicate that the Bitcoin price may fall very close to the bottom because investors usually make large purchases only when the price drops significantly. As IntoTheBlock wrote in their note: “​​Yesterday we spotted the largest inflow since Feb with 116k $BTC, pointing to a potential bottom in price as these addresses tend to buy in size following significant correction.”

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