Crash of the FTX: The digital asset market has been left red by Sam Bankman-Fried’s FTX triggered crash. The fall of the FTX has caused a drop in Bitcoin (BTC), and Ethereum (ETH), prices. Experts have discovered that crypto whales are still accumulating BTC during this crash. Whales can add more to their wealth with the FTX crash
CoinGape’s first article, Crypto Whales Accumulate Bitcoin During FTX Crash: Analysis appeared on CoinGape.

  

Crash of the FTX: The digital asset market has been left red by Sam Bankman-Fried’s FTX triggered crash. The fall of the FTX has caused a drop in Bitcoin (BTC), and Ethereum (ETH), prices. Experts have discovered that crypto whales are still accumulating BTC during this crash.
Whales get more from the FTX crash
An analyst at CryptoQuant, Dan Lim, stated that the Bitcoin exchange reserve has fallen significantly since the FTX crash. He explained that this was due to anxiety over exchange debacles. The current global economic environment has also worsened.
Most investors and traders are anticipating a market decline due to current conditions.
The crypto market lost more than $100 billion due to the FTX-triggered collapse. The market capitalization totals $847 billion.

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According to data, the whales were buying Bitcoin during the market crisis. He suggested that whales may have been accumulating Bitcoin for a while. They can add more because of the decline in BTC prices.
Expert says that the crypto market and economic outlook are not good if you look at it from a long-term perspective. In these circumstances, it is wise for Whale to go on a Bitcoin buying spree. He says that it’s not recommended to buy Bitcoin in this country. Investors must respond according to the conditions.
Whale holding on a peak
The Bitcoin price has fallen 15% in the past seven days. At press time, BTC trades at an average price $16,949 Its 24 hour trading volume stands at $37.4 billion.
According to Glassnode, shrimp (holding 1BTC), have added 33.7k BTC in the past week. This has led to a 30-day increase of 51.4K bitcoin. This is the 2nd largest increase in balance inflow in history. It has surpassed the 2017 peak bull market.
The Crab, which was holding 1 and 10 BTC, took a more aggressive approach. They purchased 48.7K Bitcoin from exchanges. This is close to the 2017 bull market peak in terms of acquisition rates. Whales with more than 10 BTC have now a commanding share of 15.91 percent of the circulating supply.

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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.

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