Recent information indicated that mid-tier traders took revenues prior to and during the other day’s enormous price drops for bitcoin and Ethereum. Furthermore, it challenged the assumptions that whales and institutional financiers have dealt with their BTC holdings.
Mid-Level BTC Holders Took Profits Amid The Drop
Following the highly positive first days of 2020 in which bitcoin exploded above $30,000 to a new all-time high of almost $35,000, the cryptocurrency backtracked greatly yesterday. As CryptoPotato reported, BTC went from over $33,500 to an intraday low of underneath $28,000 (on Bitstamp) in hours.
Concurrently, the second-largest cryptocurrency by market cap was flying to its new near 3-year high at $1,170 prior to it went through a comparable sharp rate correction to listed below $900.
According to info from the analytics company Santiment, the so-called “mid-tier holders” took this chance to gather short-term revenues during these rate developments. These are addresses consisting of between 10-1,000 bitcoins and 100-10,000 ETH.
As the charts below show, the number of such BTC wallets had actually stopped by over 1,100 in the previous week, while the ETH wallets with that quantity had decreased by 523.