3rd-largest Bitcoin whale added 207 more BTC, a bullish sign

Data shows obvious and classic bull market behavior with the Bitcoin whales being active again as the coin slips back to the $60,000 zone, almost 9% down the recent all-time high (ATH).

As per the on-chain monitoring resources, the third-largest Bitcoin whale address has grabbed 207 more BTC on November 16 as the coin saw a sudden dip. As TheCoinRise reported earlier this morning, the market is in a retesting mode, a very common phase in a bullish run.

Bitcoin Whales buy the dip

After falling by more than 9% over the last one day, Bitcoin is still hinting at a solid buying signal instead of panic selling. The third-largest address, now with a balance of 193,433.46915660 BTC, has added $12.84 million worth of BTC to its balance at a bargained price of $62,053 per BTC.

Colin Wu, the famous Chinese journalist, noted that this address has increased its Bitcoin holdings by 635 in November. He adds that the current balance of this whale address is 108,528.56 BTC with an unrealized income of $4,632,109,617.37.

As per the blockchain data on previous cycle peaks, these kinds of whale behavior are healthy and common during bull runs. It solidifies the trust of small investors in the coin.

A contributor to on-chain analytics company CryptoQuant believes that big players hedge their BTC by transferring to derivatives exchanges and taking short positions when they buy a large amount on price bottoms.

The post further explained the “long-term bullish sign” by stating:

“This pattern is obvious during the last bull run (2017) when the All Exchanges To Derivative Exchanges indicator peaked many times, and the price experienced a jump after each time. Right now, during the Bullrun, the metric has peaked four times, indicating whales are buying and hedging their coins continuously.”

After an insightful report by TheCoinRise on long-term Bitcoin holders reducing their holding and distributing it among other tokens, the price went down as speculated.