The crypto mining exodus in China has forced a majority of the mining rigs to migrate their farms to foreign territories. Under these circumstances, miners have resorted to selling their Bitcoin holdings to generate funds for their commercial transfer. Crypto analytics aggregators like Glassnode and CryptoQuant recently issued studies that suggest Whales are buying from the dip.
Chinese crypto-journalist Colin Wu recently told the media that Bitcoin miners have liquidated around 60 Bitcoins six times in the market. In the last three days, an average of 98.6 Bitcoin was moved to different cryptocurrency exchanges. Wu also added that this is the highest inflow since November last year. The observations made by Wu were confirmed by data projects courtesy of CryptoQuant.
The CIO and founder of Moskovski Capital, Lex Moskovski, recently tweeted that whales have been busy buying the flagship cryptocurrency from the dip. He also shared a chart by Glassnode to support his claims on Twitter. As per the data projection, wallet addresses that hold somewhere from $1000 to $10,000 Bitcoin, incremented by 57,000 units.
This amount of Bitcoin is currently valued at 1.69 billion in US dollars. This new purchase pressure is enough to eliminate the FUD and volatility introduced by the Chinese crypto ban and Elon Musk tweets. In the last few months, the government of China has banned crypto exchange accounts on social media and search engines. In addition, Tesla has decided to stop accepting Bitcoin payments for its products.
Colin Wu shared one more Bitcoin stats on his Twitter profile by Bybit exchange. He pointed out that in the matter of one hour, around $135 million Bitcoin long positions have been liquidated. CoinMarketcap shares that Bitcoin price has crashed from $30K support to $29,816 at press time.
It is believed that the major cause of this Bitcoin correction is the ongoing stock market correction. The largest chunk of inflows was registered on the ByBit exchange. Investors liquidated $4.51 million worth of Bitcoin, dissolving their long positions. At press time, Bitcoin is trading at $29,558.