Yuri Molchan

Glassnode data shows that whales are moving large amounts of USDT to exchanges to acquire Bitcoin on the dip

The CIO of Moskovski Capital has shared a chart provided by Glassnode which shows crypto whales actively buying Bitcoin on the dip.

476 million USDT deposited in one hour

Data shared by Glassnode analytics firm has demonstrated that, on April 7, crypto whales took just one hour to deposit a whopping 476 million USDT to digital exchanges in order to buy Bitcoin on the dip.

Whenever Bitcoin dips, Lex Moskovski comments, it seems that there is always money for large investors to buy it.

Read Also:   Where next for Bitcoin price? BTC continues to stagnate below $18K
Image via Twitter

$648 million in BTC longs liquidated as Bitcoin drops to $55,000

As the world’s largest cryptocurrency plunged to the $55,000 mark on Wednesday, traders started liquidating multiple Bitcoin positions across crypto exchanges, worth a total of $677 million.

More than 95 percent of those liquidations (around $648 million) were Bitcoin longs.

This BTC plunge pulled down the entire crypto market, in particular pushing Ethereum down from the $2,100 level to the $1,955 zone several times.

Institutions keep buying Bitcoin

According to Glassnode data shared earlier, on April 6, financial institutions acquired an astounding 4,386 Bitcoin (worth $257 million) on the Winklevoss-owned Gemini exchange and withdrew it to cold storage.

Read Also:   After breaking $100 billion TVL, DeFi is now the equivalent of a top 40 U.S. bank

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Whales Deposit 476 Million USDT in One Hour to Grab Bitcoin Dip: Glassnode Data

by Alex Dovbnya
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