Glassnode chart shared by the Moskovski Capital CIO shows that whales have deposited an eye-popping 2.37 billion USDT to crypto exchanges to buy the dip while Bitcoin is trading below $49,500 after the pullback.
Whales are buying the Bitcoin dip
According to Glassnode analytics, financial institutions and other whales have transferred an eye-twitching amount of USDT to digital exchanges to catch Bitcoin while it has fallen down below the $50,000 line.
Second biggest total USDT deposit after Tesla Bitcoin announcement
This is the second biggest amount of USDT deposited to trading platforms this year to buy BTC. The biggest one took place on February 3, before Elon Musk announced (February 8) that Tesla would be allocating $1.5 billion to put some Bitcoin on its balance sheet.
Prior to that, almost 3,5 billion USDT was sent to crypto exchanges.
On March 24, an announcement followed that car producer would be accepting BTC as payment for automobiles and it will not be converted into fiat.
Vladislav Sopov
Dan Burgin