According to blockchain analysis firm Chainalysis, last week, large-scale investors acquired more coins due to the price crash of bitcoin. The Block reported this on the 27th (local time).
In a recent market intelligence report, Chainlysys chief economist Philip Gredwell said in a recent market intelligence report that a “whale investor” bought 77,000 BTC last week. This is currently a little over $3 billion (approximately 3,351 billion won). This is in accordance with Chainalsis’ on-chain data monitoring.
Bitcoin’s price last week fell significantly from $49,000 to $30,000, which once wiped out $3.3 billion of liquidation in an hour.
The market intelligence report is consistent with The Block’s reports that hedge funds and asset managers are buying lows, especially in the $30,000 to $35,000 range of Bitcoin.
[Large on-chain losses]
According to a report by Chainalsis, this price crash has seen a significant amount of bitcoin being transferred to losses on-chain. Greedwell said 1.2 million BTC was transferred with a loss of 5 to 25%, and 12,000 BTC was transferred with a loss of 25% or more.
“However, this suggests that last week wasn’t the worst bearer selloff in bitcoin history, with fewer bitcoins lost than in late 2017 and mid-March 2020 prices,” Greedwell said.
However, in terms of dollars, it is recorded as the worst loss. The report points out that $3.2 billion was sold in losses last week, a coin that was acquired only 4 to 13 weeks ago. Strictly speaking, it was “the worst week for Bitcoin investors.”
Ethereum was a similar picture. Last week we witnessed Ether moving with the largest amount lost. According to the report, 22.6 million ETH was sent with a loss of 5 to 25%. On the contrary, Greedwell pointed out that “people have lost on Ethereum, but in terms of percentages, it wasn’t that big.”
[Return to Average Purchase Price]
According to the report, Bitcoin’s price has now come back much closer to its average purchase price over the past year. With an average purchase price of $37,800, Gredwell pointed out that bitcoin fell but recently turned upward again.
The Economist said that historically, both Bitcoin and Ethereum prices have often returned to this cost, and generally offer a lower limit, excluding cryptocurrency winter in 2018.
In the case of Ether, the average purchase price over the past year is $1,700, which is the price that has not returned during this incident. The current Ether price is $2,830, which is $1,130 higher than this level.
(Large investors used bitcoin’s price crash last week to acquire more coins, according to blockchain analytics firm Chainalysis.)
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.