Large investors used bitcoin’s price crash last week to acquire more coins, according to blockchain analytics firm Chainalysis.
In its latest market intel report, Chainalysis chief economist Philip Gradwell wrote that “investor whales” bought 77,000 bitcoin last week, an amount currently worth just above $3 billion. This is based on Chainalysis’s monitoring of on-chain data.
Last week, bitcoin’s price slid considerably from $49,000 to a low of $30,000, at one point wiping out $3.3 billion in liquidations during a single hour.
The market intel report concurs with The Block’s reporting that hedge funds and asset managers were buying the dip, particularly in bitcoin’s $30,000 – $35,000 range.
Large on-chain losses
According to Chainalysis’s report, this price crash saw a considerable amount of bitcoin being moved on-chain at a loss. Gradwell stated that 1.2 million bitcoin was sent at a 5 – 25% loss, with 120,000 bitcoin moved at a 25% loss or worse.
“However, th
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