Who is buying big as Bitcoin falls?

Recently, Bitcoin has ushered in a "waterfall" plunge.

From January 21 to January 24, the price of Bitcoin fell from around US$43,000 to around US$33,000, with a cumulative drop of more than 23% in 4 trading days, setting the worst start to the year since 2012.

Who is buying big as Bitcoin falls?

Bitcoin's slump drove other cryptocurrencies sharply lower. Ethereum, which ranks second by market value, also fell below $2,200 from around $3,200, plummeting by more than 30%. The entire cryptocurrency market cap fell to $1.59 trillion, evaporating more than $1 trillion in three months.

During this period, the level of panic and greed index panic in the crypto market continued to rise, which was extreme panic. "Others are fearful and I am greedy", while Bitcoin is falling, some people are quietly buying heavily.

On January 25, Bitcoin analyst Bitcoin Archive tweeted that Rothschild Investments purchased another 93,521 shares of Grayscale Bitcoin Trust (GBTC).

In addition, the Bitcoin Archive also stated that Tesla bought $1.5 billion in bitcoin for about $35,000, and then sold about $300 million to “test liquidity.” Tesla currently holds 43,200 bitcoins.

Phong Le, CFO of MicroStrategy, said that our strategy for Bitcoin is to buy and hold, so if we have excess cash flow or we find other ways to raise capital, we will continue to put it into Bitcoin. MicroStrategy will continue to buy bitcoin this year, but it’s unclear if it will buy more than it did last year; the company has no plans to sell the asset. MicroStrategy is also considering buying bitcoin-backed bonds in the next year or two if the market becomes more liquid. It is reported that the listed company MicroStrategy now owns 124,391 bitcoins.

On the same day, when the crypto market fell, an anonymous Bitcoin whale purchased 488 BTC in two transactions in the range of $36,000. At present, the whale’s wallet holds a total of 124,487 BTC, which is more than MicroStrategy’s Bitcoin holdings. There are about 100 more BTCs. By analyzing the activities of the anonymous giant whale, it is found that the giant whale has been buying continuously after the BTC market peaked. Historical data shows that the average BTC purchase amount of the giant whale is $22,000.

On January 22, El Salvador President Nayib Bukele posted on social media that El Salvador had bought 410 bitcoins on dips. Although after this, he joked about going to McDonald's to work.

Who is buying big as Bitcoin falls?

According to bitcointreasuries data, El Salvador currently holds 1,691 bitcoins and Ukraine holds 46,351 bitcoins.

Who is buying big as Bitcoin falls?

In addition, among listed companies, in addition to MicroStrategy and Tesla, Marathon Digital Holdings, Square, and Bitcoin mining company Hut 8 ranked third to fifth on the list with 8,133, 8,027, and 5,242 bitcoins, respectively.