Chinese journalist Colin Wu, who covers everything related to the blockchain and crypto space, has taken to Twitter to share data about today's purchases made by major cryptocurrency whales.
Three of them have bought a large amount of Bitcoins on the dip today, Jan. 7, and one of them has sold the amount the other three had bought together.
Over 5,300 Bitcoins bought by three whales
Citing BitinfoCharts, Colin Wu writes that three of the top 50 BTC whales have purchased 5,322 Bitcoins. The 33rd largest wallet added 3,000 BTC. The amount of BTC stored in the 34th largest one has grown by 1,455 Bitcoins, and another wallet owner bought 867 BTC. That amounts to 5,322 Bitcoins in total, worth $225,204,067 at the current BTC/USD exchange rate.
However, while these three whales have bought more Bitcoin on the dip, the owner(s) of the 32rd largest wallet has sold almost the same amount of BTC: 4,250 coins.
Wu stressed that none of these four addresses are marked as belonging to any crypto exchange.
According to BitInfoCharts, in January 7th, the 33rd largest Bitcoin address increased 3000 BTC, the 34th increased 1455 BTC, the third increased 867 BTC, the 32nd reduced 4,250 BTC. None of the above addresses are marked as exchange addresses. https://t.co/he2xQpd553— Wu Blockchain (@WuBlockchain) January 7, 2022
Investors increasing exposure to Bitcoin
As shared by CryptoQuant data aggregator based in South Korea, Bitcoin ELR (estimated leverage level) on digital exchanges has hit an all-time high of 0.026. This is indicative of more and more investors increasing their exposure to the flagship global cryptocurrency by taking high leverage.
Bitcoin recovers above $42,000
Over the past few hours, the leading digital currency has gained 2.10%, rising to the $42,454 level from $41,500. By now, though, BTC is changing hands at $42,308.
Earlier this week, as a result of several factors, including the Federal Reserve announcement of a possible interest rate hike and the substantial drop of the Bitcoin hashrate due to Internet cutoffs over the riots in Kazakhstan, the flagship crypto plunged from above $46,500 to slightly over the $42,000 mark.
As reported by U.Today on Thursday, CEO of Galaxy Digital hedge fund Mike Novogratz shared with CNBC that he expects Bitcoin to bottom out at $38,000.