As of January 3rd, the cryptocurrency landscape has witnessed the intrusion of bears, driving down the prices of most digital assets. The day started with many cryptocurrencies trading near their highs, but a shift in market sentiment occurred, influenced by Matrixport’s report predicting the SEC’s rejection of all Bitcoin spot ETFs in January.
This revelation led to a substantial liquidation amount of up to US$540 million in the past 4 hours.
In response to the market upheaval, recovery signals emerged as Bloomberg ETF Analyst Eric Balchunas reassured investors, stating they have received no indications of anything but approval for Bitcoin spot ETFs. This optimistic sentiment contributed to a gradual rebound in the crypto market.
Top Wallets Capitalize On The Recent Market Dip
Lookonchain, a prominent crypto analytics platform, provided insights into the strategic moves of whales during the BTC/ETH downturn. Notably, two whale wallets, 0x8B20 and 0x4198, capitalized on the market dip by acquiring $WBTC and $ETH at opportune moments.
After the BTC/ETH plummeted, 2 whale wallets bought $WBTC and $ETH at the bottom.
0x8B20 spent 1.5M $USDC to buy 35.18 $WBTC at $42,641 and spent 1.5M $USDC to buy 674.18 $ETH at $2,225.https://t.co/gKzuJwCPu8
0x4198 spent 1.5M $USDC to buy 35.12 $WBTC at $42,708 and spent… pic.twitter.com/ftmQKBbtXR
— Lookonchain (@lookonchain) January 3, 2024
Whale wallet 0x8B20 exhibited a shrewd strategy by spending 1.5 million $USDC to purchase 35.18 $WBTC at $42,641 and another 1.5 million $USDC to acquire 674.18 $ETH at $2,225. Similarly, whale wallet 0x4198 seized the opportunity, spending 1.5 million $USDC to buy 35.12 $WBTC at $42,708 and allocating another 1.5 million $USDC to secure 674.55 $ETH at $2,224.
These strategic moves by whale wallets underscore the adaptive nature of seasoned investors, taking advantage of market fluctuations to accumulate assets during the bearish phase. As the crypto market exhibits signs of recovery, the actions of these smart whales highlight the resilience and strategic thinking prevalent among significant players in the digital asset space.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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