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

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Thu, 04/08/2021 - 10:22
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Yuri Molchan
Glassnode data shows that whales are moving large amounts of USDT to exchanges to acquire Bitcoin on the dip
Whales Deposit 476 Million USDT in One Hour to Grab Bitcoin Dip: Glassnode Data
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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.

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$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.

Related
Hedge Fund Behemoth Millennium Management Dips Its Toes into Bitcoin

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.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.