Bloody May 19th: Bitcoin Whales Bought 175,000 BTC
The collapse of quotations and massive liquidation of positions for billions of dollars will be remembered by many on May 19th, 2021. However, as is often the case in life, some lose and others win
May 19th brought a lot of benefits to institutional investors. Funds began to purchase Bitcoin en masse as soon as the price of the cryptocurrency fell below $35,000. By the evening of May 19th, 37,000 Bitcoins totaling more than $1.3 billion had been bought and deposited in stores, according to The CryptoQuant.
Today, this figure has become even more impressive. In less than 24 hours, 175,000 BTC were withdrawn from the exchanges on May 19-20th. According to Glassnode, this is the largest purchase of cryptocurrency by large investors since March 2020, when 250,000 Bitcoins were bought by institutionalists in a short time.
Thus, the wave of Bitcoins dumped on the exchange during panic sales was completely repaid. Recall that on May 18th, 22.9 thousand BTC were received on the exchanges in just 1 hour. And on Binance, as we have already written, 35,000 BTC was transferred in 2 days.
The total cost of investors for the purchase of cryptocurrency on May 19-20th was $7 billion.
Looking at this figure and the imminent recovery of the price of Bitcoin on May 20th, we can conclude that Bitcoin was and remains an excellent alternative to traditional investments in a diversified portfolio.
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