The recent crash in the cryptocurrency market was utilized by Bitcoin Whales as they swooped off over $3 billion worth of the virtual currency. A report from Chainalysis, stated that the large scale Bitcoiners purchased over 77,000 units. This analysis was done as a result of the on-chain monitoring of data.
The previous week, the crypto market was threatened with a decline that saw Bitcoin plummet from $49,000 to a $30,000 level. This upsetting figure was said to have erased over $3.3 billion in BTC’s market cap in just an hour. However, some Bitcoin Whales saw it as an opportunity to hold more.
The report was made by the Chainalysis Chief Economist, Philip Gradwell. He reported that 1.2 million BTC moved at a 5 to 25 percent loss while 120,000 BTC sent at over 25 percent loss and more. Gradwell however stated that this was a smaller loss compared to that of 2017.
However, several Bitcoin investors take last week as the worst so far. BTC acquired recently and worth over $3.2 billion was sold at a loss. Ethereum also recorded an equal story as over 22.6 million ETH was sold at a 5 to 25 percent loss. But according to the reports, the percentage of losses in Ethereum wasn’t so heavy.
A Reversal to Normal Prices or Much Worse
The average price for one Bitcoin was pegged by Gradwell at about $37,000. This figure is the average BTC purchase price from last year. However, the same value didn’t actually stay in the range within the recent market turmoil but it seems to be making it back up.
Ethereum stays on a safer side as its average price of $1,709 hasn’t hit yet during market slides. At the time of this report, the price of Ethereum is set at a $2,830 level. This value exposes the top-level resistance the crypto is holding.
Gradwell believes that according to the nature of BTC and ETH, their values would always retain their cost price unless a similar occurrence like the 2018 crypto winter comes again.