Today has been a busy day for whales in the cryptocurrency market. There has been a significant increase in exchange deposits across the board. Could major players be buying the Bitcoin price dip?
Bitcoin has once again dropped below the $10,000 price point, and it looks like major players in the market are using the opportunity to accumulate further. Whale Alert (@whale_alert) is reporting on a large number of deposits across many different exchanges.
Major Deposits Recorded Across Most Significant Cryptocurrency Exchanges
All of these deposits happened just today as per Whale Alert.
- 1,069 BTC ($10.5M) was deposited to Binance.
- Three deposits were made to Coinbase today: 700 BTC ($6.8M), 708 BTC ($6.9M), and 710 BTC ($7M).
- 551 BTC ($5.4M) was deposited to Bitstamp.
- Huobi saw three major deposits of USDT: 9,999,940 USDT, 4,999,950 USDT and 5,000,000 USDT.
These are just a few of the major deposits recorded today across the major exchanges. However, Tether Treasury also decided to conduct a major chain swap where 25,000,000 USDT was minted on the TRON (TRX) blockchain. TRON has seen the number of USDT on its network rise substantially in 2019, and it seems to be continuing in 2020. In December, Justin Sun celebrated 916M USDT on TRON, and it is currently close to reaching 1 billion.
Buy the Bitcoin Dip?
The uptick in deposits across the many exchanges seems to be an indication that major players are buying the dip. Bitcoin is currently, once again, trading under $10,000, which may be an enticing buy for some whales.
However, not everyone is convinced this is a buying opportunity. One whale, Joe007 (@J0E007), believes that the market is currently ‘inflated’ and has a long way still to fall. As BeInCrypto has previously reported, there is this belief that the market is currently made up of “phantom money,” which is artificially inflating prices. Whether or not such speculation is correct remains to be seen.
Still, one cannot disagree that the fundamentals for Bitcoin and the rest of the cryptocurrency market look strong. In fact, on-chain metrics point towards a significant increase in investor activity, which preceded Bitcoin’s rally past $10,000. This seems to suggest that this rally is legitimate—and it seems that many whales agree, which is why they’re depositing funds en masse today.